Properties Hit with Foreclosure Filings on Record Pace: RealtyTrac

ForeclosuresThrough the first six months of 2010, foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,654,634 U.S. properties, a 5 percent decrease from the previous six months – but an 8 percent increase in total properties from the first half of 2009, according to RealtyTrac.
Filing trends through mid-year puts the U.S. on a pace to exceed 3 million properties hit by foreclosure filings in 2010, which would set a new high. 
Foreclosure notices set a record in 2009 with a total of 2,824,674 U.S. properties affected, up 21 percent from 2008 – and up 120 percent from 2007, said RealtyTrac, a leading foreclosure research site.
The mid-year update shows that 1.28 percent of all U.S. housing units (one in 78) received at least one foreclosure filing through June.
Foreclosure filings were reported on 313,841 U.S. properties in June, a decrease of nearly 3 percent from the previous month, and a decline of nearly 7 percent from June 2009.
But June was the 16th-straight month registering more than 300,000 properties receiving foreclosure filings.
Filings were reported on 895,521 U.S. properties during the second quarter, a decrease of nearly 4 percent from the previous quarter, and an increase of less than 1 percent from the second quarter of 2009.
RealtyTrac attributes the slight slowdown in the pace of foreclosures on short-sale and loan modification campaigns by lenders – both private efforts and those falling under the government’s Home Affordable Modification Program, HAMP.
“The second quarter was a tale of two trends,” said James J. Saccacio, chief executive officer of RealtyTrac. “The pace of properties entering foreclosure slowed as lenders pre-empted or delayed foreclosure proceedings on delinquent properties with more aggressive short sale and loan modification initiatives. Meanwhile the pace of properties completing the foreclosure process through bank repossession quickened as lenders cleared out a backlog of distressed inventory delayed by foreclosure prevention efforts in 2009.
See RealtyTrac’s full report.

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