2010 Sets A Record For Home Foreclosures

By Adriana Barnes on January 13, 2011, 8:26 pm

Last year, there was a new record set for home foreclosures. Some 2.9 million homes went into foreclosure. The last quarter was a little slower since they had to stop foreclosures to make sure they were being processed correctly. Then, December was a slow month for foreclosures, although experts think that many December foreclosures were pushed off until the new year.

Even with the huge number of foreclosures last year, 2011 is expected to even outpace it. They are calling for another big wave of foreclosures in our country. At the rate houses are foreclosing right now, we will see 1 in every 45 receive a foreclosure filing. Five million borrowers are currently at least 2 months behind.

House prices are expected to dip another 5% nationally as the next wave of foreclosures starts to hit. Experts are hoping that they will finally hit bottom then.

Five states accounted for over half of all foreclosures in the country: Florida, Arizona, California, Illinois and Michigan. These 5 states together accounted for nearly 1.5 million foreclosures.

Although California is listed in the top 5 states in foreclosures, it also seems to be one of the first to slowly to begin turning things around. Prices hit an all time low in April 2009 and have slowly been working their way back up since.

 

This housing market is going to be tough to turn around. With unemployment still high, stricter standards with appraisals and rates slowly inching back up, it will be hard for people to jump back in.