California Home Loan 360

Home foreclosure filings surged 57 percent in the 12 month-period ended in March and bank repossessions soared 129 percent from a year ago, as homeowners struggled to make mortgage payments, according to a report in Reuters.

Home foreclosure filings surged 57 percent in the 12 month-period ended in March and bank repossessions soared 129 percent from a year ago, as homeowners struggled to make mortgage payments, real estate data firm RealtyTrac said on Tuesday.

Home foreclosure rates soared to an all-time high in the last quarter of 2007 (rates for the first quarter of 2008 were unavailable at press time). Reports indicate that the percentage of mortgages that fell into foreclosure increased to a high of 0.83 percent late last year.

Cities in California, Florida and Ohio dominated the 25 U.S. metro areas with the highest home foreclosure rates, though rates jumped in most of the top regions during the third quarter, RealtyTrac said on Wednesday.