Thursday, January 28, 2010

Foreclosure Filings on the Rise

The final foreclosure figures are in from RealtyTrac and they are not pretty to say the least. Foreclosure filings totaled 3.96 million in 2009, up 25.3% from the 3.16 million filings made in 2008. Since the housing market peaked in 2005, there have been a cumulative 11.5 million total foreclosure filings. Even more troubling is that monthly filings accelerated throughout 2009. This is partly attributable to suspension of many state foreclosure moratorium programs in the 2nd half of the year (particularly in California), but also reflects the steady rise in unemployment.



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