Nation Sets Depressing Record: Housing Foreclosures Hit All-Time High
January 22nd, 2010 categories: Economic Recovery, Foreclosures, Housing Market, Real Estate News
The odds aren’t that small that you know someone who received a housing foreclosure filing in 2009. That’s because the United States saw more housing foreclosures in 2009 than it has in any other year.
That’s a rather depressing record. And the odds are good that 2010 will see a high number of housing foreclosures, too. The economy isn’t improving fast enough and unemployment isn’t falling. That combination leads to a growing number of homeowners struggling to make their once-affordable mortgage payments.
According to foreclosure data firm RealtyTrac, a record 2.82 million U.S. residential properties received at least one foreclosure filing in 2009. The report also showed that one in 45 housing units received a foreclosure filing during the year. That’s equal to 2.21 percent of all U.S. housing units, up from 1.84 percent in 2008 and 1.03 percent in 2007.
The news was especially dismal in our home state of Illinois. According to RealtyTrac, a total of 131,132 Illinois properties received a foreclosure filing during the year. This means that Illinois ranked fourth in the number of filings. The state saw 32 percent more foreclosure filings last year than it did in 2008.
According to a story in the Chicago Sun-Times, the number of housing foreclosure filings in the Chicago area last year hit 119,662, up 33 percent from 2008. One in every 31 homes in the Chicago area received a foreclosure filing in 2009, according to RealtyTrac.
If you’re having difficulty making your mortgage payments, don’t hesitate; immediately call your mortgage lender. Remember, the federal government, as part of its Home Affordable Modification Program, is offering lenders and banks financial incentives to lower the monthly mortgage payments of struggling homeowners.
Tell your lender that you can no longer afford your mortgage payments. Your lender might be willing to lower your loan’s interest rate, reduce its principal balance or restructure its terms, all efforts that will lower your monthly payment and, hopefully, keep you from losing your home to foreclosure.
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Oklahoma has fared better than most communities, but this is still a ongoing problem for Realtors, buyers and sellers and the Country as a whole!
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