Nationwide Foreclosure Rate Shoots Up 81% in 2008

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Nationwide Foreclosure Rate Shoots Up 81% in 2008

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We knew this news was bound to be bad, but we didn’t think it would be quite this grim: The number of American homeowners who faced foreclosure proceedings in 2008 passed the 2.3 million mark, an 81 percent increase over the previous year.

AP via Yahoo News:

Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, according to RealtyTrac, a foreclosure listing firm based in Irvine, Calif., which compiled the figures.

Moody’s Economy.com, a research firm, predicts the number of homes lost to foreclosure is likely to rise by another 18 percent this year before tapering off slightly through 2011.

Still, foreclosures—which keep breaking records going back 30 years, according to the Mortgage Bankers Association—are likely to remain well above normal levels for years to come, and that will continue to keep home prices from rebounding.

“Hitting bottom is a lot different than coming off the bottom,” said Christopher Thornberg, a principal with Beacon Economics in Los Angeles.

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By Payday Loans, July 12, 2010 at 11:25 pm Link to this comment

My understanding that now in 2010 the trend has slowed but still experiencing an upward trend rather than stalling. There some analyst who believe the housing and general economy in America will not recover readily and its effects will carry on for at least two more generations.

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By Shift, January 15, 2009 at 12:53 pm Link to this comment

I see no evidence that foreclosures will decline. Foreclosures will likely increase as unemployment increases. The replacement of high paying jobs with low paying infrastructure jobs will do little to save overextended middle class two income homeowners who have experienced a job loss.

Additionally, more people will lose faith in the government for their inaction and walk away from their ever price deflating homes.

Government and corporate incompetence will take its toll both in 2009 and 2010 and perhaps beyond. In my opinion, the shyt has not yet hit the fan. As America continues to fail to address the economic slide other countries will cease to lend us money. Then reality will set in.

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