Foreclosures At Record High In 2009

A report by RealtyTrac, an online foreclosure marketplace, indicated that there were 2.82 million residential properties with foreclosure filings in 2009, setting a new record for the number of people lagging in their mortgage payments.

According to the report, 2.21% of all US housing units (or 1 in every 45) received at least one foreclosure filing during the year. The numbers are up from 1.84% in 2008, 1.03% in 2007 and 0.58% in 2006. RealtyTrac’s chief executive James Saccacio said that the numbers could have been worse if the processing of delinquent loans had not been delayed due to legislative and industry-related issues.

Monthly foreclosure filings peaked in July to 361,000, before improving for four consecutive months due to modifications in trial loans, extension of the foreclosure process by state legislation and an overwhelming inventory volume. However, the numbers rebounded in December.

While Nevada led the US in foreclosure rate, its December numbers showed some signs of improvement. Arizona was the close second, followed by Florida, which had 5.93% of its housing units receiving at least one foreclosure filing in the year.