The devastating numbers are unlikely to improve soon.
CITIBANK FORECLOSED PROPERTIES 2021 MAC
"The big jump in December foreclosure activity was somewhat surprising given the moratoria enacted by both Freddie Mac ( FRE, Fortune 500) and Fannie Mae ( FNM, Fortune 500), along with programs from some of the major lenders and loan servicers aimed at delaying foreclosure actions against distressed homeowners," said Saccacio.īoth of the government-sponsored mortgage giants suspended foreclosures starting Novemthrough January 31, 2009. Foreclosure filings were up 17% in December over November, and rose 41% compared with December of 2007. "Clearly the foreclosure prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami," said James Saccacio, CEO of RealtyTrac in a statement.Īnd despite those efforts on the part of both the government and the banking industry to quell the housing crisis, defaults continued to climb as 2008 came to an end.
There were more than 3.1 million foreclosure filings issued during 2008, which means that one of every 54 households received a notice last year. foreclosure filings spiked by more than 81% in 2008, a record, according to a report released Thursday, and they're up 225% compared with 2006.Ī total of 861,664 families lost their homes to foreclosure last year, according to RealtyTrac, which released its year-end report Thursday.
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