Foreclosures in 2010 Highest Recorded Until Now- By: Scott Zahid
2.9 million foreclosures recorded in 2010. Increasing unemployment rate and continuing defaults in mortgage payments are hampering the market to recover. The foreclosure market scandals and fiascos itself have led to many employees losing their work.
David J. Stern is an example of that. The law firm is accused of shoddy paperwork and even fabricating documents that are to be presented to the court. This has put the firm under the judicial scanner and is undergoing legal proceedings. Due to this, major clients of Stern have stopped working with them and the company has laid off about 1500 employees.
Year 2010 not only recorded highest foreclosure rate, but several issues that surfaced and almost shook the foundation of the mortgage lending industry. The biggest debacle is the “robo-signing” issue. In 2010, the country registered 2.9 million foreclosure filings that is 1.7 percent higher compared to year 2009. The figures are 2 percent higher in comparison to 2009 and 23 percent higher when measured up against 2008 statistics.
However, foreclosure filings dropped in the fourth quarter of 2010 by 14 percent that is total 799,064 filings nationwide. This depicts that about 2.23 percent properties in the country received some kind of foreclosure filing in 2010 compared to 2.21 percent in 2009 and 1.84 percent in 2008.
States like Nevada, Arizona, Florida and California topped the charts with highest number of filings. Nevada stands first with one in every 11 houses receiving a filing, a fall from 5.3 percent compared to last year. The next is Arizona, where one in 17 properties received filing, a dive from 4.5 percent from last year 2009. Florida listed 1 in 18 houses being closed upon contrast to 6.1 percent from 2009 and California recorded 1 in 25 households being in foreclosure, where the figures plummeted by 8.5 percent from last year.
Even Michigan State, which stood at seventh position, recorded large number of filings where one in 35 houses was seized. Michigan and Illinois, along with top five states, accounted for more than half of foreclosures in the country. Although the numbers are higher, there has been improvement. Dan Elsea, president of Southfield brokerage services said “The other side of it is we think the banks are working harder to avoid foreclosures,” and “banks are also really focused on short sales and refinances and keeping people in houses.”
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