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Foreclosure Filings Increase By 21% By Jennifer Harmon
A massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog.
Recent data from RealtyTrac showed over 3.9 million foreclosure filings, including default notices, scheduled foreclosure auctions and bank repossession were reported on 2.8 million properties in 2009, up 21% from 2008 and 120% from 2007.
"As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans," said James Saccacio, chief executive officer of RealtyTrac, Irvine, Calif.
"After peaking in July with over 361,000 homes receiving a foreclosure notice, we saw four straight monthly decreases driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline."
Despite all the delays, foreclosure activity still hit a record high for the company's year end 2009 Foreclosure Market Report, capped off by a substantial increase in December, Mr. Saccacio said.
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