Summary Box: US homes facing foreclosure jumped 16 percent in 1st-quarter

Summary Box: Foreclosures surge to new high

FORECLOSURES UP: Foreclosure listing service RealtyTrac says the number of households facing foreclosure in the first three months of this year grew 16 percent from a year ago.

REPOSSESSIONS SOAR: More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005.

QUICKENING PACE: RealtyTrac says that surge is a sign banks are starting to wade through the backlog of troubled home loans faster. It expects the nation will see more than 1 million bank repossessions this year.