U.S. foreclosure filings in 2008 rose 81% from 2007

Robert Daniel
MarketWatch
January 15, 2009

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U.S. foreclosure filings in 2008 rose 81% from 2007 and tripled from 2006, RealtyTrac reported on Wednesday. A total of nearly 3.16 million foreclosure filings — measured by default notices, auction-sale notices, and bank repossessions — were reported in 2008. The Irvine, Calif., consultant also said that 1.84% of all U.S. housing units –1 of every 54 — received at least one foreclosure filing during the year, up from 1.03% in 2007. In December, foreclosure filings were reported on more than 303,000 U.S. properties. That’s up 17% from November and 41% from the year-earlier month, RealtyTrac reported. In the fourth quarter, foreclosure activity rose 40% from the year-earlier quarter. “Clearly the foreclosure-prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami,” Chief Executive Officer James J. Saccacio said in a statement.

This article was posted: Thursday, January 15, 2009 at 8:55 am

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