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Foreclosures Hit 1 Million in 2009

Hopes of an economic turnaround may soon be sobered by a new milestone: the number of foreclosures filed in 2009 have passed the 1-million mark, making it one of the worst years in history for the housing market.

The figures were reported by the Center for Responsible Lending, a North Carolina-based nonprofit group. According to the report, around 6,500 new foreclosures are filed every day, and estimates show that foreclosure starts will reach around 2.4 million by the end of the year.

Although not all foreclosures will cause eviction, experts see the statistic as a picture of the real scope of the housing crisis. Many believe that it has hindered the government’s efforts to help borrowers, particularly in the refinance sector.

The U.S. Treasury recently reported that around 55,000 borrowers have benefited from the government’s loan modification program, including some 18,000 trial modifications with major lenders Chase Home Mortgage and Wells Fargo. The CRL is a strong supporter of the program, but fears that other “superficial fixes” may not be enough to help troubled borrowers.

The CRL’s research is based in information from the Mortgage Bankers Association. The figures were adjusted to apply to nationwide mortgages.

For more information on foreclosure, mortgage loan modification, Mortgage home loan modification visit - CDLoanmod.com

 

Earlier in Foreclosure News:
Chase Expands Foreclosure Prevention Efforts
Foreclosures Up Despite Government Efforts
Foreclosure Freezes Didn’t Help Borrowers - Clayton

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