Foreclosure Tsunami Expected in Second Quarter of 2009

RISMEDIA, May 14, 2009-National Short Sale Center, a short sale company, has announced that the nation is on track to experience record-setting amounts of foreclosures and bank-owned properties in the second quarter of 2009. After the first quarter of 2009 set a new record with 803,489 foreclosure filings, the company is predicting a first-ever quarter with more than one million foreclosure filings.

“We’re returning to pre-moratorium percentages, with a rather large initial increase in the second quarter as properties that have been in the moratorium flood through,” says Travis Hamel Olsen, president of National Short Sale Center. “From our data, we are forecasting more than one million foreclosure filings in the second quarter of 2009.”

After a 10% decrease in foreclosures for January, foreclosure activity across the nation increased 6% in February. The so-called “Sand States”-California, Florida, Nevada, and Arizona-top the lists of foreclosure rates.

“The dam is breaking for foreclosures and bank-owned properties,” added Olsen. “In the next three months, we are going to see more than one million foreclosures hit as the foreclosure moratorium is lifted.”

For more information, visit www.shortsalecenter.com.