New Foreclosures Jump 7% In March

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The number of homes that received first-time foreclosure notices rose 7 percent in March from the previous month, foreclosure listing firm RealtyTrac Inc. said Thursday.

Foreclosures typically sell at a discount to other homes and can drag down the value of neighboring properties, so the prospect of more foreclosures means it could take longer for home prices in some areas to bounce back.

At the end of last year, some 1.5 million U.S. homes had mortgages that had gone unpaid at least 90 days, according to Mortgage Bankers Association data.

Thirty-one states posted a monthly increase in homes with a first-time foreclosure notice. Nevada led the pack with an increase of 153 percent.

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