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Over One Million People Lost Homes To Foreclosure In 2010

Posted by majestic on January 14, 2011

Photo: Brendel (CC)

Photo: Brendel (CC)

Not only is the housing crisis not over, it looks like it’s accelerating, despite claims in Washington and on Wall Street that a recovery is underway. The only reason the number of foreclosure notices stayed just under 3 million in 2010 was that some banks backed off at the end of the year to avoid bad press. Les Christie reports for CNN Money via Yahoo Finance:

Foreclosures were at a record high in 2010, and more than 1 million people lost their homes, even as notices started leveling off during the end year.

In total, there were nearly 2.9 million foreclosure notices filed during the year, according to report released Thursday by RealtyTrac. That was a record high, but just 1.7% above 2009.

It most certainly would have been higher had notices not plunged in November and December as banks halted tens of thousands of foreclosures in the face of the robo-signing scandal.

“Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity,” said James Saccacio, RealtyTrac’s CEO. “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 [foreclosure] numbers in early 2011.”…

[continues at CNN Money via Yahoo Finance]

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  • Anonymous

    I can only hope that this is the point in the show when the banks start elbowing each other in the face to foreclose and sell off before the tidal wave floods the market even further.

    But of course, the logical outcome of that will be another round of bank bailouts. At which point, I fear, Arizona may come to look like a love fest.

  • http://voxmagi-necessarywords.blogspot.com/ VoxMagi

    I never thought it would take as long as it did for the housing market to collapse. My predictions were all based on tail end of the 90s or dawn of the 2000s…but cheap credit and deregulation kept it going longer than I ever could have guessed.

    How did I make my estimates? I looked at residential and commercial property prices and values vs. wage levels over a couple decades. When the entire country is drifting toward a NYC style life of high rents/mortgage payments even in abominable neighborhoods and the price of home ownership outweighs the total of what most people will earn in decades…you are headed toward a crash. Even the cheapest credit can’t replace non-existent wages. I’d be satisfied to let people suffer home losses…if in exchange for that trauma the companies that played these fast and loose games were forced to crash and burn on their own as well…but alas…it appears that welfare exclusively for millionaires is the rule of the day.

  • Steven

    People didn’t lose, “their homes.” They lost a house. There’s a big difference! People can have whatever they want if they can pay for it. A great many of these people should have been renting to begin with and that’s what they’re doing now. Others were simply gambling on appreciation and lost. That’s part of the deal when you gamble. These foreclosures are the biggest contribution to making houses affordable in my lifetime. It’s far more effective than mortgage interest deductions, subsidized mortgages, and the rest. Many families can now afford the house for which they have saved now the speculators are being evicted.