twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

Over 1 Million REOs in 2010

257,747 properties hit with foreclosure filing in December

Jan. 13, 2011

By staff

Although foreclosure filings fell last year, the number of properties that faced a filing climbed to a new record and would have been higher had it not been for the foreclosure affidavit crisis. Completed foreclosures climbed past a million. An East Coast state had the best foreclosure rate, while it was a state on the West Coast that had the most filings.

Last month saw 257,747 properties that faced some sort of a foreclosure filing, fewer than the 262,339 reported by RealtyTrac for November. The number of filings has fallen each month since September 2010's 347,420.

In December 2009, there were 349,519 properties hit with a foreclosure filing -- including default notices, scheduled auctions and bank repossessions.

For all of 2010, there were 3,825,637 foreclosure notices filed on a record 2,871,891 U.S. properties. The metrics were mixed compared to 2009, when 3,957,643 filings were made on 2,824,674 properties.

RealtyTrac Chief Executive Officer James J. Saccacio speculated that the number of properties that faced a filing last year would have exceeded 3 million had it not been for a 14-percent fourth-quarter decline as a result of the foreclosure affidavit crisis.

"Many of the foreclosure proceedings that were stopped in late 2010 -- which we estimate may be as high as a quarter million -- will likely be re-started and add to the numbers in early 2011," Saccacio stated.

A majority of the properties that faced a foreclosure filing last year were in Arizona, California, Florida, Illinois and Michigan.

California continued as the state with the most filings during just December: 65,915. Golden State activity deteriorated from 57,378 November filings. Next was Florida, where 25,641 properties faced a foreclosure filing, declining from 32,938 the month before. Michigan's 16,061 filings followed, then Illinois' 14,042 and Arizona's 13,561.

Vermont's 15 filings were the fewest of any state.

The U.S. foreclosure rate last month improved to one filing for each 501 housing units versus one-in-492 the prior month.

During full-year 2010, there was a foreclosure filed for every 45 housing units, exactly the same as 2009.

December's worst foreclosure rate was in Nevada: one-in-84 housing units. Arizona's one-in-201 rate followed, then California's one-in-203. After that was Michigan's one-in-282 rate, then Utah's one-in-284.

In Vermont, only one foreclosure was filed for each 20,841 housing units, the best rate in the country.

Mortgages that became real-estate-owned numbered 69,847 last month, slightly higher than November's 67,428.

The whole year's U.S. REOs totaled around 1,050,545, climbing from 2009's 884,052.

California dominated REO count in December with 12,045 repossessions. Florida had 7,459 REOs, then Arizona's 4,377, Michigan's 4,132 and Texas' 4,053.

With just 14 REOs, Vermont's numbers were lowest.

total foreclosure activity in 2010

next story

back to current headlines

Servicing News | Servicer Ranking | Delinquency Statistics
Stories about mortgage servicers, delinquency and f o r e c l o s u r e s. Coverage of servicing lawsuits and loan servicing technology.

Mortgage Lawsuits News | Mortgage Litigation Index
Mortgage industry lawsuit news and mortgage litigation coverage. Stories about legal settlements, judgments and mortgage class actions.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders