When you hear the term "foreclosure activity", this can mean anything from the first letter that you get in the mail that states that you are falling into default, to the actual repossession of your home.

According to the RealtyTrac's quarterly totals, foreclosure activity numbers were the highest they have been since 2005, a whopping 803,489! During this quarter, March showed a 17% increase in comparison to February, and a 46% increase in comparison to March of 2008. The two main reasons for this record number of foreclosures are the incredible unemployment rates and the increasing number of homeowners that have found themselves underwater, which is to say that they owe more on their home than what the home is worth. Many of these "underwater" homeowners have lost interest in keeping their mortgage payments up to date and have just let their homes foreclose!

The good news in all of this, is that consumer confidence is rising and the housing inventory is lowering. Although, many homes are foreclosing, many first time homebuyers are taking advantage of the lowered interest rates and home sales are starting to rise once again. Florida is still one of the top five worst hit states in the Nation, but according to Governor Crist “Prices have gotten as low as they can. Now is the time to buy, while the deals still exist.”