With 9,199 new foreclosure filings reported in March, Arizona posted the fourth highest foreclosure rate in the country — a distinction it has carried three months in a row now.

Statewide, foreclosure activity dipped 5 percent last month from February but was still up nearly 106 percent from March 2007, according to RealtyTrac, an online marketplace for foreclosure properties.

Nationwide, one in ever 538 American households received a foreclosure filing — default notices, auction sale notices and bank repossessions — in March, a RealtyTrac report shows.

“Overall foreclosure activity so far this year continues to run nearly 60 percent above the levels we saw last year,” CEO James Saccacio said in a statement.

The top 10 states with the highest foreclosure rates also included Nevada, California, Florida, Colorado, Georgia, Ohio, Michigan, Massachusetts and Maryland.

The Valley’s foreclosure troubles are far from over.

On average, 255 new foreclosure notices have been filed every day for the past four months, according to research data firm Information Market.

A total of 6,666 foreclosures were reported in the first three months of 2008, and another 10,000 are expected in the second quarter, the Glendale-based company reported.

So the wave continues. When will it slowdown? It doesn’t appear anytime soon, especially considering the dour state of the economy.

Many homeowners have been unable to keep pace with rising mortgage payments as adjustable-rate loans reset.

Now, experts say making those payments may become even tougher for families who are facing job layoffs or salary reductions as recession worries mount.

The increase was ever so slight, but sales of existing Gilbert homes rose for the second month in a row in March — bucking the downward spiral impacting every other East Valley city.

The town saw 295 sales last month, compared with 290 in March 2007, according to an Arizona State University study. In February, sales hit 265, up from 230 the previous year.

The increases are small, but I find it interesting there were upticks at all. Valleywide in March, sales were down nearly 20 percent from a year ago.

So what’s causing the slight rise? I’ve asked real estate agents who work in that area, but they don’t seem to have any answers. Perhaps, it’s just a blip.

In any case, falling home prices have opened up new opportunities for buyers in the past year. So some families might decide it’s time to strike a deal.

Local real estate agents have seemed a bit more upbeat these days. It is springtime, after all, when potential buyers hit the open house circuits again after the holiday crazy is over.

More people have been showing interest but will that translate to actual sales?

The National Association of Realtors thinks so. The trade group is projecting that existing home sales will begin to pick up in the second half of 2008, as recently established higher mortgage loan limits give more people access to financing.

“Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” said Lawrence Yun, the association’s chief economist.

Existing home sales are expected to rise from an annual pace of 4.9 million in the first three months of this year to 5.9 million in the final months of 2008, according to a recent report by the group.

The shaky economy, experts say, is the biggest wild card that could stymie a housing market rebound. When wallets are tight and job security is no longer a guarantee, taking on a new mortgage is not on the forefront of most people’s minds.

Still, recent activities in the Valley — busier open houses, a growing number of pending deals, more phone calls to agents — seem to indicate at least some nervous buyers are stepping off the sidelines. Out-of-area investors are also taking an interest in the Valley, buying up large tracts of land. Commercial real estate experts say that could be a sign that investors believe the bottom is near or already at hand.

If buyer activity began to pick up earlier this year, that should translate into more sales in the next few months. And you can bet local housing analysts and agents are keeping a close eye on those numbers, hoping to glimpse a sign that recovery may be around the corner.

Buying a home is the biggest purchase most Americans will ever make. So it would make sense that people would invest the time to painstakingly scrutinize their mortgage options. Right?

But a recent survey of 2,900 adults shows that most typically spend only five hours researching home loans, according to a Zillow.com study. To put that into perspective, those surveyed, on average, spend eight hours researching a car purchase and 10 hours considering major home improvements, such as kitchen remodels, Zillow reported. The survey, which was conducted last month by research firm Harris Interactive, also showed that people spend roughly five hours planning a single vacation.

“What most people don’t realize is the type and terms of a loan are often more significant than the actual purchase price as these factors can dramatically affect the affordability of a home,” Zillow CFO Spencer Rascoff said in a statement.

On the bright side, the people surveyed seemed to indicate a desire to do more in-depth research in the future. Those who plan to get a loan or refinance within the next year said they expect to get six mortgage quotes, on average, according to the study. That’s compared to the four quotes on average obtained by people who secured a mortgage in the past five years.

nbsp;Forbes.com recently ranked the country’s riskiest real estate markets with the Valley coming in at No. 10.

The publication sited a suffering job market that has been supported by the construction industry and a five-fold increase in the number of homes for sale since 2005.

The top 10 also included: Detroit (No. 1), Orlando (No. 2), Cleveland (No. 3), St. Louis (No. 4), Miami (No. 5), Las Vegas (No. 6), Sacramento (No. 7), Denver (No.8) and Tampa (No. 9).

On Saturday, 120 volunteers from Scottsdale-based developer DMB Associates are planning to renovate three facilities owned by A&A Cottages, a nonprofit that runs several foster care group homes for teenagers in Mesa.

The improvements will include insulation, ceiling fans and water conserving toilets. Volunteers will also remodel kitchens, replace carpeting with wood flooring, paint the inside and outside of the homes and do landscaping.

DMB will play a major role in Mesa’s future growth with plans to develop 3,200 acres of land near Phoenix-Mesa Gateway Airport. Earlier this year, the real estate investment and development firm released preliminary plans for the property, which would include homes, golf courses, mid-rise office buildings and hotels. The first phase of the project could begin in 2009.

Lenders have classified most of Maricopa and Pinal counties as a “declining market” in recent months.

It’s a label that’s been attached to many major metropolitan areas throughout the country. It requires home buyers to come to the table with 5 percent more cash for a downpayment, making it that much tougher to qualify for financing in an already dour lending environment.

Now, industry professionals are voicing concern that the designation is creating even greater hurdles to homeownership for minorities and low-income families.

“The consequence of these policies is a near complete suspension of financing resources to communities that need it most,” National Association of Hispanic Real Estate Professionals chair Felix DeHerrera said in a statement.

The organization, along with the Asian Real Estate Association of America and National Association of Real Estate Brokers, conducted a survey of 1,135 combined members. Here are some of the survey’s findings:

* 27 percent of respondents said they worry lenders may act too quickly to identify minority neighborhoods as declining markets;

* 69 percent say for every deal they close, they have to turn away two to four customers who can’t qualify under declining market standards; and

* 35 percent say the policies have had a disparate impact on minority and low-income areas.

In perhaps one of the more unusual press releases I’ve received recently, builder Taylor Morrison announced that one of its Scottsdale employees has a grandson named — you guessed it — Taylor Morrison.

Accounts payable administrator Janice Cooper’s grandson was born in January 2007. Her son and daughter-in-law named the boy after Foo Fighters drummer Taylor Hawkins and The Doors’ Jim Morrison.

Six months later homebuilders Taylor Woodrow and Morrison Homes merged to become Taylor Morrison.

“It’s funny because when I’ve mentioned his name to people, at first they don’t get it or they think I’m joking,” Cooper was quoted in the release as saying.