RealtyTrac, a leading online marketplace for foreclosure properties, said Thursday that first-quarter foreclosure filings jumped 16.02 percent from last year and 7.23 percent a quarter earlier and that the number of US homes taken over by banks surged 35 percent in the first quarter from a year ago.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter since January 2005 when they started the foreclosure market report.

"We're right now on pace to see more than 1 million bank repossessions this year," said Rick Sharga, a RealtyTrac senior vice president.

In the first quarter, US foreclosure filings, which includes default notices, scheduled auctions and bank repossessions, were reported to reach 932,234 properties as contained in the US Foreclosure Market Report. Also included in the report was that one in every 138 housing units received foreclosure filing in the quarter.

Nevada, Arizona, and Florida registered the highest foreclosure rates in the first quarter. In the month of March, foreclosure activity increased 7.58 percent, and the growth was 18.97 percent compared to a month earlier.

The Obama administration's $75 billion foreclosure prevention program as not able to help much in the prevention of foreclosure as homeowners continue to fall behind on payment as they continue to lose their jobs or seen mortgage payment rise due to an interest rate reset.