Will foreclosure numbers go up?

Anthony Guest Jan 16, 2010 2:38 PM

The latest news reported that the four US states with the most foreclosure filings so far are California, Florida, Arizona, and Illinois being California, by far, the one that posted the most filings with 632,573. Almost 3 million homeowners have received at least one foreclosure filing during last year, setting a new record for the number of homeowners falling behind their mortgage payments. According to the online marketer of foreclosed homes, RealtyTrac, one in 45 households or 2,824,674 properties nationwide were in default in 2009. This represents 21% more foreclosure filings than in 2008. The increase of the nation's properties receiving notices has occurred despite efforts to reduce foreclosure filings such as the Home Affordable Modification Program. Most forecasts predict that a massive supply of delinquent loans may continue in the housing market and end up in foreclosure process this year. This could happen even more when homeowners who can afford their mortgage payments deliberately walk away from fixed-rate mortgages because the value of their homes is much lower than the amount they owe.

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