Foreclosure Filings Soared in 2010

The housing crisis is getting worse. There has been a great deal of evidence to support that. Real estate research firm RealtyTrac has reported that 2010 was particularly bad. The company's Year-End 2010 U.S. Foreclosure Market Report shows "a total of 3,825,637 foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on a record 2,871,891 U.S. properties in 2010, an increase of nearly 2% from 2009 and an increase of 23% from 2008." The report also indicates that "2.23% of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 2.21% in 2009, 1.84% in 2008, 1.03% in 2007 and 0.58% in 2006."

The one good piece of news from the research was the foreclosure problem eased slightly in the last quarter of 2010. "Foreclosure filings were reported on 799,064 U.S. properties in the fourth quarter, a 14% decrease from the previous quarter and an 8% decrease from the fourth quarter of 2009. The fourth quarter total was the lowest quarterly total since Q4 2008."

A small number of states continue to be the hardest hit. California, Florida, Arizona, Illinois and Michigan account for half of the nation's total filings.

Many analysts believe that housing cannot recover in markets where unemployment is above 10%. Low interest rates on mortgages have not aided home sales, at least not in a measurable way. Government's attempt to rectify the situations have had mixed success. Tax credits, offered early in the year, boosted buying activity, but those benefits expired in April. The Home Affordable Modification Program (HAMP), meant to refinance mortgages to keep people in their homes, was simply a failure.

Another problem that faces the housing recovery is that many potential home buyers believe that prices could go even lower. S&P forecast that home prices could drop another 7% to 10% this year.

James J. Saccacio, chief executive officer of RealtyTrac, offered little hope for the beginning of 2011. He said "many of the foreclosure proceedings that were stopped in late 2010 -- which we estimate may be as high as a quarter million -- will likely be re-started and add to the numbers in early 2011."

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gmini10

Legalize Marijuana, problem solved.

January 14 2011 at 7:11 AM Report abuse rate up rate down Reply
gmini10

Lower wage's = lower price's.

January 14 2011 at 6:56 AM Report abuse rate up rate down Reply
bunnyfunny47

Oh, that's where you're making a big mistake..It's not just Obama, it's all parties involved in this mess. Hell, I can't take a walk without passing many many empty homes with real estate signs swinging from them today. Proble is, it all started with job loss...and its still the main reason for it even now.

January 14 2011 at 3:45 AM Report abuse +1 rate up rate down Reply
Mom and Dad

Somebody needs to tell Mr. Obama. His administration keeps acting giddy, like everything is ok, which is just a con game to try to get people to spend money they don't have.

January 14 2011 at 2:47 AM Report abuse +1 rate up rate down Reply
msdpok1961

Foreclosures are soaring because mortgage companies like mine "LITTON LOAN SERVICEING" is actually stringing us along by makeing us believe they are going to give us a loan modification! We have just filled outthe application papers for the forth time... We have been told already that this is Litton's way of getting us so far behind that they will end up forcloseing on us anyway. So now we sit here a discuss our options, do we continue with the modification process (1-1/2 yrs already), Do we just pack up and walk away?, we could stop everything by fileing babkruptcy, Or my choice, Let them forclose and while the process is moving along move all our belongings except vital things needed into storage and just save as much as we can so when the time comes we can rent a place and pay the rent upfront! PLEASE TAKE THE TIME TO TYPE IN LITTON LOAN SERVICEING AD CLICK ON COMPLAINTS AND READ SOME OF THE STORIES YOU WILL NOTICE EVERYBODY SAYS THE EXACT SAME THING!!

January 14 2011 at 2:28 AM Report abuse +2 rate up rate down Reply
crblionheart

I have to take a $5 pay cut but banks can't help me. So you saying it my fault????

January 14 2011 at 12:39 AM Report abuse +2 rate up rate down Reply
1 reply to crblionheart's comment
Rockyraimi

What makes you think it is the bank's job to help you?

January 14 2011 at 2:44 AM Report abuse rate up rate down Reply
smick1953

This is very true. I hung on for as long as I could when I was unable to land a job that paid me the $55,000 a year I would need to keep my home. I had to file bankruptcy, and without payment restructuring just a unrealistic mortgage payment and payback fee, I will most likely lose it by the middle of this year. I have no savings left, no place to live with my six pets, which I refuse to put in a shelter. So it looks like I will be added to the statistics of someone, aged 57 with an advanced degree who will end up on welfare! So much for the American Dream! More like a nightmare!

January 14 2011 at 12:06 AM Report abuse rate up rate down Reply
Protestor

All you "supporters of Outsourcing" are nothing more than "Corporate Thieves" stealing bonuses that you don't deserve, eliminating organized labor and "Fair wages" , contriving ways to screw workers out of a fair wage (when you yourselves take home huge paychecks you don't earn) and evading U.S. taxes, polluting other countries, cheating foreign workers by paying $.35 cent an hour, and then selling those crappy clothes at Wallmart for $ 18.99 each. What we should outsource is "YOU"... Signed: sick of Corruption in Corporate America.

January 13 2011 at 11:50 PM Report abuse rate up rate down Reply
1 reply to Protestor's comment
Mom and Dad

Thank you for saying what I was thinking.

January 14 2011 at 2:49 AM Report abuse +1 rate up rate down Reply
dougtonidj

THE REAL POWER IS WHEN ALL AMERICANS STAND TOGETHER THATS THEIR BIGGEST FEAR A OVERTHROW OF THE GOVERMENT IS NEEDED AND YOU CAN FEEL IT COMING IN THE NEXT 30 YRS THERE WILL BE A UPRISING AND THE GOV WILL BE REPLACED ITS OUR DUTY TO FIX IT BY ALL MEANS

January 13 2011 at 9:40 PM Report abuse -1 rate up rate down Reply
dougtonidj

The super rich doesnt want us to prosper their attack on the middle class started in the early 80s and the house was the last part of their plan now we have nothing in value no retirement no savings and no home and most of us in real debt with cars, student loans and credit cards now they can lower salarys to 1980 wages and reap in all the profits WE ARE BECOMING SLAVES SLOWLY BUT SURELY PAY OFF YOUR HOUSE IN FULL AND START SAVING FOR THE FUTURE YOU WILL NEED IT

January 13 2011 at 9:32 PM Report abuse +1 rate up rate down Reply
1 reply to dougtonidj's comment
Fidel and Denise

u never told a lie i agree

January 13 2011 at 9:59 PM Report abuse +1 rate up rate down Reply