A Record Breaking 2.9 Million Foreclosure Filings in 2010

A record breaking 2.9 million homes received foreclosure filings in 2010. Realty Trac, an online marketplace for foreclosure properties, reported that in 2010 the rate of 2.9 million is up 2% from the year 2009 and up 23% from 2008. In addition, 2.23% of all U.S. housing units (one in 45) received at least one foreclosure filing during the year. This amount is up from 2.21% in the previous year, 2009.

However, there were 257,747 foreclosure filings for December 2010. This was a 20 month low and a 26% drop from the previous year in December 2009.

James J. Saccacio, CEO of Realty Trac, elaborates on this drop, said an estimated quarter million foreclosure filings were halted due in part to controversy surrounding foreclosure documentation and procedures that prompted many lenders to temporarily halt foreclosure proceedings. He forecasted that the temporarily-halted filings that were stopped in late 2010 will likely be picked up in the first quarter of 2011.

The state with the highest rate of foreclosure activity for the fourth consecutive year was Nevada. Nevada had one in 11 housing units (9%) receiving a filing in 2010, regardless of a 5% decrease from 2009.  Arizona falls after Nevada, with one in 17 housing units receiving a filing. Following Arizona is Florida, where one in 18 housing units were foreclosed. The other states that show a breaking high number of foreclosures are California, Utah, Georgia, Michigan, Idaho, and Colorado. California had the most number of filings at the record of 546,669, and Florida had the second highest biggest total, at 485,296. Arizona, Illinois, Michigan, Georgia, Texas, and Ohio are the other states with high totals of filings.

Foreclosure filings which consist of default notices, scheduled auctions and bank repossessions have been being tracked by Realty Trac in January 2005. Data is retrieved from more than 2,200 counties nationwide, which account for more than 90% of the nation’s population.

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