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US home foreclosures climbed in March, as subprime borrowers struggled to keep up with their monthly payments to lenders, American real estate data firm RealtyTrac said today.
Home foreclosures rose 7 per cent from February to 149,150. The figure, which comprises default notices, auction sale notices and bank repossessions, was 47 per cent higher than a year ago, RealtyTrac said.
"Right now foreclosures are running ahead of our projection. That's due to the combustible mix of mortgages," said Rick Sharga, RealtyTrac's vice president of marketing. "Subprime mortgages are performing atrociously."
The upward spike renewed worries about the housing market and whether problems with home loans made to subprime borrowers, or those with poor credits, could choke off economic growth.
- REUTERS
