The number of U.S. homes struggling through foreclosure held steady in March but fell from a year earlier, new data show, indicating that the huge wave of foreclosures that some housing experts keep predicting isn’t even a whitecap yet.
About 1.4 million homes, or 3.4% of all homes with a mortgage, were at some stage in the foreclosure process last month, the same as in February but down slightly compared with 1.5 million in March 2011, Santa Ana research firm CoreLogic said.
Banks completed 69,000 foreclosures in March compared with 85,000 a year earlier and 66,000 a month earlier. In the first quarter, lenders completed 198,000 foreclosures compared with 232,000 in the same period last year.
March also brought no change in the share of borrowers who were more than 90 days late on their mortgage payment, CoreLogic said. That stood at 7% in March, the same level as in February but down from 7.5% in March 2011.