The nation is on track to experience record-setting numbers of foreclosures and bank-owned properties in the second quarter of 2009, National Short Sale Center says. After the first quarter of 2009 set a new record with 803,489 foreclosure filings, the company is predicting a first-ever quarter with more than one million foreclosure filings.

"We're returning to pre-moratorium percentages, with a rather large initial increase in the second quarter as properties that have been in the moratorium flood through,” says Travis Hamel Olsen, president of National Short Sale Center. “From our data, we are forecasting more than one million foreclosure filings in the second quarter of 2009.”

Foreclosure filings during the first quarter of 2009 increased 9% over the previous quarter and almost 24% increase over the first quarter of 2008, National Short Sale Center notes.