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    1 million homes repossessed in 2010

    January 13, 2011

    NEW YORK (CNNMoney) -- Foreclosures were at a record high in 2010, and more than 1 million people lost their homes, even as notices started leveling off during the end year.

    In total, there were nearly 2.9 million foreclosure notices filed during the year, according to report released Thursday by RealtyTrac. That was a record high, but just 1.7% above 2009.

    It most certainly would have been higher had notices not plunged in November and December as banks halted tens of thousands of foreclosures in the face of the robo-signing scandal.

    "Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity," said James Saccacio, RealtyTrac's CEO. "Many of the foreclosure proceedings that were stopped in late 2010 -- which we estimate may be as high as a quarter million -- will likely be re-started and add to [foreclosure] numbers in early 2011."

    For the fourth consecutive year, Nevada led the nation in the rate of foreclosures with one of every 11 households there receiving at least one filing in 2010. Still, that constituted a 5.3% improvement from a year earlier.

    In Arizona, one of every 17 households received a filing in 2010, down 4.5% for the year. Florida's 2010 foreclosures (one in 18 households) dropped 6.1% year-over-year, and California (one in 25) fell 8.5%.

    Overall, 2010 was a rough one for the mortgage industry. The big news was the robo-signing scandal, which erupted in the fall amid allegations that banks were foreclosing on homes without having read the documentation.

    Then, President Obama's efforts to fend off foreclosures foundered as the year wore on and the potential for ever more massive foreclosures ballooned.

    At the beginning of 2010, the bloom had not yet faded from Obama's HAMP (Home Affordable Modification Program ) program, and many analysts were optimistic it would help many people save their homes.

    By April, it became apparent that the program was losing the foreclosure fight; there were reports of 10 new defaults for every HAMP modification and the projections for the number of borrowers who would actually receive a HAMP mod had nose-dived to 1 million from 4 million.

    Then the next shoe to drop came in June, with a report from Fitch Ratings that showed HAMP modifications re-defaulting at a high clip. The company forecast that three-quarters of all HAMP mods would ultimately fail.

    The foreclosure prevention program really started to fade by mid-summer: Fewer than 37,000 loans received HAMP modifications in July, down from more than 50,000 a month earlier. Only 435,000 loans had gotten permanent modifications through the program.

    The next few years could be difficult. Some industry analysts, such as Laurie Goodman, head of Amherst Securities mortgage group, say that as many as 11 million mortgage borrowers are in potential danger of default.

    However, Rick Sharga, RealtyTrac's spokesman, predicted 4 million to 5 million and scoffed at quantifying the magnitude of the potential disaster, comparing it to "taking inventory of deck chairs on the Titanic."


    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

    #2
    I never thought I would be one of these people. I am a very optimistic and positive person and it is extremely difficult to stay this way when I am losing my house, can't find a job, am wondering when unemployment will run out, and if I can ever rent a new place when I get kicked out of this one.

    Oh well, keep on cranking.

    Comment


      #3
      Originally posted by helpme2010 View Post
      I never thought I would be one of these people. I am a very optimistic and positive person and it is extremely difficult to stay this way when I am losing my house, can't find a job, am wondering when unemployment will run out, and if I can ever rent a new place when I get kicked out of this one.

      Oh well, keep on cranking.
      we rented BEFORE we left our house...just to make certain to get a place...but that was a few years ago. i don't think you will have as difficult a time as you think...so many people are losing their homes and have no other options that to "rent"....so many landlords are more lenient that they use to be. you may be surprised!
      8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

      Comment


        #4
        Originally posted by tobee43 View Post
        we rented BEFORE we left our house...just to make certain to get a place...but that was a few years ago. i don't think you will have as difficult a time as you think...so many people are losing their homes and have no other options that to "rent"....so many landlords are more lenient that they use to be. you may be surprised!
        Thanks tobee, I may just be acting overly cautious, expect and prepare for the worst, but hope for the best. I did this with my BK as well, so I over prepare myself for the worst outcomes so I am ready to handle anything that hits. I think you have a good point and this is something positive, that the people renting may be understanding and desperate to rent those properties, so I may be in a good position with a bad credit history and possibly no job. I am prepared to put down a larger deposit, first, last, my soul, etc. to prove I will be a good renter.

        There may be some people viewing these threads and thinking we are a bunch of debbie downers, whiners, etc. But I see it as venting threads to let out the anger and frustration so we can be more focused and relaxed. Some good venting does a lot of good and others that can relate can chime in and make us feel a little better and sometimes offer good advice or good articles or good resources that are very helpful.

        Comment


          #5
          Originally posted by helpme2010 View Post
          Thanks tobee, I may just be acting overly cautious, expect and prepare for the worst, but hope for the best. I did this with my BK as well, so I over prepare myself for the worst outcomes so I am ready to handle anything that hits. I think you have a good point and this is something positive, that the people renting may be understanding and desperate to rent those properties, so I may be in a good position with a bad credit history and possibly no job. I am prepared to put down a larger deposit, first, last, my soul, etc. to prove I will be a good renter.

          There may be some people viewing these threads and thinking we are a bunch of debbie downers, whiners, etc. But I see it as venting threads to let out the anger and frustration so we can be more focused and relaxed. Some good venting does a lot of good and others that can relate can chime in and make us feel a little better and sometimes offer good advice or good articles or good resources that are very helpful.
          i'm a HUGE advocate of venting.......that's the best way to express frustrations...many people drink, or love to take their frustration out on other people...so this is by far the "higher" road... vent ahead!
          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

          Comment


            #6
            Originally posted by tobee43 View Post
            i'm a HUGE advocate of venting.......that's the best way to express frustrations...many people drink, or love to take their frustration out on other people...so this is by far the "higher" road... vent ahead!
            drinking and taking it out on other people, not a bad idea, thanks tobee

            Comment


              #7
              Originally posted by helpme2010 View Post
              drinking and taking it out on other people, not a bad idea, thanks tobee
              you're always most welcome helpme!!
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

              Comment

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