2009 foreclosures hit record high
2009 foreclosures hit record high
MarketWatch
CHICAGO — The number of U.S. residential properties receiving at least one foreclosure filing jumped 21% in 2009 to a record 2.82 million, RealtyTrac, an online foreclosure marketplace, reported Thursday.
The report also showed that 2.21% of all U.S. housing units (1 in 45) received at least one foreclosure filing during the year, up from 1.84% in 2008, 1.03% in 2007 and 0.58% in 2006.
Bank of America to release homes
Las Vegas Review Journal
Bank of America expects to release about 6,000 foreclosed properties into the Nevada housing market in 2010, or about 500 a month, an executive with the bank said Wednesday.
It's part of the so-called "phantom inventory" of foreclosed homes being held by banks as they work out loan modifications and negotiate short sales, two of the more desirable alternatives to foreclosure.
Valley foreclosures set record in 2009
East Valley Tribune
Last year was a record year for residential foreclosures in the Valley as more homeowners pressured by job losses fell behind on their mortgage payments, according to a report from the W.P. Carey School of Business at Arizona State University.
About 41,000 single-family homes were foreclosed on in 2009 in Maricopa County, beating 2008's previous high of 34,960, said Jay Butler, associate professor of real estate, who follows foreclosures in his monthly Realty Studies reports. Condominium foreclosures also set a record with 5,065 during the year, he said.
Holiday moratoriums slowed California foreclosures in December
Los Angeles Times
Foreclosure activity in California took a steep dive in December, a report shows, but the decline had more to do with holiday forbearance than economic improvement.
Notices of default dropped 17.5% compared with November, according to the report by ForeclosureRadar.com. The number of homes seized by lenders dropped 12%, and the number of homes sold to third parties declined 28.9%.
Inland hotel foreclosures rise
The Press-Enterprise
The Inland region led the state in hotel foreclosures last year, according to a year-end study by hotel brokerage and research firm Atlas Hospitality Group in Irvine.
In Riverside County, there were 10 hotel foreclosures and 22 defaults. In San Bernardino County, there were seven hotel foreclosures and 29 defaults. Some properties remain open.