Foreclosure Filings Hit Record Number of Properties in 2010

One in every 45 U.S. housing units was the subject of a foreclosure filing in 2010, a year in which a total of 3,825,637 such filings were recorded. Foreclosure filings include default notices, scheduled auctions and bank repossession. In all, 2,871,891 properties were affected by the filings, a new record. The numbers were reported by RealtyTrac on Thursday in its Year-End 2010 U.S. Foreclosure Market Report . The filings represented an increase of 2 percent from 2009 and 23 percent from 2008. RealtyTrac, an Irvine California company, compiles a U.S. Foreclosure Market Report each month by tracking documents filed in all three stages of foreclosure: Notice of Default (NOD) and Lis Pendens (LIS). This is the first legal notification from a lender that the borrower on a mortgage loan has defaulted...(read more)

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Source: http://www.mortgagenewsdaily.com/01132011_foreclosures_realtytrac.asp

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