
U.S. 2009 Foreclosures Shatter Record
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U.S. 2009 Foreclosures Shatter Record
U.S. foreclosure actions shattered all records in 2009 and will do so again this year, with unemployment and wage cuts overcoming programs to remedy failing home loans, RealtyTrac said on Thursday.
A record 2.8 million properties with a mortgage got a foreclosure notice last year, jumping 21 percent from 2008 and 120 percent from 2007, the Irvine, California-based real estate data company found.
The loan failure rate — and thus the fallout for home prices and the economy — would have been even worse without foreclosure prevention programs and loan processing delays caused by sheer volume, the company said.
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