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Record Foreclosure Activity in 2009 Could Have Been Worse

A record 2.8 million U.S. properties received foreclosure notices in 2009, up 21 percent from 2008 and up 120 percent from 2007, according to the RealtyTrac 2009 Year-End U.S. Foreclosure Market Report, released Thursday. But as bad as that sounds, RealtyTrac CEO James Saccacio believes it could have been worse if not for foreclosure-processing delays that occurred during the year.

“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,” Saccacio said in a press release,  “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."

Nevada, Arizona and Florida posted the three highest state foreclosure rates for the year, and the four states with the largest foreclosure numbers -- California, Florida, Arizona and Illinois -- accounted for more than 50 percent of the national total in 2009.

View state-level data.

 

Per the comment below from Tom Lawler, here are the December 2009 numbers.

Posted: Wed, January 13 2010 9:01 PM by darenb

Comments

Pat Moore said:

Can you tell me what % of REOs are jumbos, or how much they have increrased since Jan 09?

Thanks

Pat Moore

First Asset

# January 15, 2010 1:23 PM

darenb said:

I don't have that data readily available, but I can do some digging and see if I can find out.

# January 15, 2010 1:44 PM

Tom Lawler said:

I'm having a senior moment; where is the monthly report for December that breaks out foreclosure actions by type?  

Thanks.

Tom Lawler

# January 17, 2010 8:04 PM

darenb said:

Tom,

Thanks for your question. It wasn't a senior moment; we just hadn't posted the December numbers since most of the focus of the report was on year-end numbers.

I've added a screenshot of the December numbers at the bottom of this original post.

# January 18, 2010 8:17 AM

Madeline Schnapp said:

When will December data be available?  I can't access the screenshot, was the data moved?

# January 18, 2010 10:50 AM

darenb said:

Madeline,

Not sure why you can't access the screenshot, but if that is still a problem please shoot me an e-mail at darenb@realtytrac.com and I'll make sure you get the December data.

Daren

# January 18, 2010 11:29 AM

Joe Henry said:

Fairfax County, Virginia

7 out of 10 Homes Under $500K are Under Contract with a 6.4% unemployment rate(Fairfax County)...the market is speaking to us and the compelling value is defendable...we are in the bottom of the seventh inning...in Northern Virginia...

Joe Henry/Keller Williams/McLean

bankowned@mris.com

# January 22, 2010 12:00 PM

John B (FL) said:

RealtyTrac is an invaluable data source providing clear facts during a storm of political spin.  Another great data source is John Hussman (hussman.com) whose charts show that the biggest waves of mortgage resets for Alt-A and Option Arm mortgages are forthcoming in 2010.  Thank you both for the clear fact-based data.

# January 24, 2010 9:52 PM

Racketeer Goldmansax said:

As long as the crooked banks can continue to get their pimps in DC to steal our tax dollars for bank bonuses and welfare, these bags of excrement can continue to sit on their foreclosures and the market will remain screwed up forever.

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