Weitz Law Firm - 520 Kirkland Way, Ste 103 - Kirkland, WA - (425) 889-9300

Saturday, January 15, 2011

Foreclosures top 1 Million in 2010

The below article discussing the continuing problem of foreclosures that does not appear to be alleviating.

AP- Realty Check (CNBC)

Banks seized more than a million U.S. homes in one year for the first time last year, despite a slowdown in the last few months as questions around foreclosure processing arose, a leading firm said Thursday.

Banks foreclosed on 69,847 properties in December, bringing the year's total to 1.05 million, topping the prior record of 918,000 homes seized in 2009, real estate data firm RealtyTrac said.

Weitz - the banks typically slow down in December for the Holidays anyways, so I don't think there are many definite conclusions to be drawn from the December stats aside from - if the foreclosures were effectively halted for 2 months, yet we still had an annual record, the numbers are obviously terrible.

The number of foreclosure filings, which includes default notices, auctions and repossessions, was a record 2.9 million last year, including 257,747 filings in December.

Weitz - this is an important stat that shows the weakness is going to continue for the immediate future. Foreclosures 'filings' are obviously a precursor to a foreclosure in many cases.

"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 - triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings," said James J. Saccacio, chief executive officer of RealtyTrac.

"Even so, 2010 foreclosure activity still hit a record high for our report, and 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 the numbers in early 2011," Saccacio said.

December filings were 2 percent lower than November and 26 percent lower than December 2009.

The firm said Nevada, Arizona and Florida continued to post the highest foreclosure rates in the country. And just five states - California, Florida, Arizona, Illinois and Michigan - accounted for more than half of all foreclosure activity.

One in every 11 housing units in Nevada received at least one foreclosure filing in 2010, more than four times the national average.

Weitz - 1 in 11?!...that is extraordinary. Look out for ghost towns in the desert.

In 2005, before the housing bust, banks took over just about 100,000 houses, according to the Irvine, California-based company.

Weitz: Bottom line is the problem we have discussed at nausea on the blog is continuing to unfold. I predict foreclosures for 2011, 2012 and possibly beyond to exceed even these awful numbers of 2010. There are simply too many distressed homes on the market that have not been addressed.

For more information on your rights in Foreclosure or Short Sale, consider contacting a Seattle Short Sale Attorney.

Our Firm:

Weitz Law Firm, PLLC
5400 Carillon Point, Bldg 5000
Kirkland, WA 98033

(425) 889-9300


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