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Over 2 Million Foreclosures in 2008

190,467 December pre-foreclosures

January 14, 2009

By MortgageDaily.com staff


A new report indicates that foreclosures were filed on more than 2 million mortgages last year, while repossessions nearly reached 1 million.

Last year, 2,089,051 pre-foreclosures were filed, ForeclosureS.com reported today. Pre-foreclosures soared 62 percent from a revised 1,291,477 in 2007. Filings were highest in Florida -- at 549,417. Next was California, with 453,421; Arizona, at 120,066; and Illinois, which had 102,699 pre-foreclosures. No. 5 was New Jersey, with 95,689 filings.

The pre-foreclosure rate per 1,000 households was 2.95 percent in 2008, climbing from 1.85 percent the previous year.

Pre-foreclosure actions included notices-of-default and foreclosure actions leading up to the actual foreclosure.

Fourth-quarter pre-foreclosure filings were 528,241 -- down from around 561,000 reported for the third quarter.

December pre-foreclosure filings were 190,467, jumping from 177,254 reported the prior month.

Real estate owned filings ended last year at 992,570, jumping from a revised 597,177 in 2007. California accounted for 260,709 of last year's REOs, while Florida filings were 107,833. Texas was next, at 70,037 REOs, followed by Arizona's 65,898 filings and Michigan's 62,419 REOs.

The U.S. REO rate climbed to 1.34 percent in 2008 from a revised 0.85 percent a year earlier. The state with the highest REO rate was Nevada, at 50 REOs filed for every 1,000 households. Arizona had an REO rate of 35 filings per each 1,000 households, while Mississippi's rate was the third-highest at 26 REOs filed for each 1,000 households.

REOs filed in the fourth quarter were 266,986, dropping from approximately 301,000 in the previous quarter.

During just December, REO filings were 97,841, up from a revised 82,033 in November.

ForeclosureS.com's president said in the statement that declining home prices, increasing U.S. population and falling mortgage rates will all contribute to prevent "another tidal wave of foreclosures this year."

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