Thursday, October 15, 2009

Foreclosures: 'Worst Three Months of All Time'

Despite suggestions that the housing crisis was cooling off, a new report is claiming that the third quarter of this year was actually the worst three months of all time for home foreclosures in the U.S. According to the report, over 938,000 families received foreclosure notices in the past three months. To put those numbers into perspective, 1 out of every 136 homeowners in this country was forced into foreclosure in just the past few months.

"They were the worst three months of all time," said Rick Sharga, spokesman for RealtyTrac, an online marketer of foreclosed homes.

During that time, 937,840 homes received a foreclosure letter – whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.

Nevada continued to be the worst-hit state with one filing for every 23 households. But even tranquil Vermont, where the foreclosure crisis has barely brushed the housing market, saw foreclosure filings jump nearly 170% compared with the third quarter of 2008. Still, that resulted in just one filing for every 5,023 households in the state -- the best record in the country.

The RealtyTrac report also unveiled the results for September, and it found that there was slight relief from foreclosure filings. Last month, notices totaled 343,638, down 4% compared with August. Unfortunately, that total accounts for 87,821 homes that were repossessed by lenders.

Check out the rest of the article at, or click here to read an entry on the top foreclosure alternatives I posted earlier this week.

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