Filed under: Indices, Economic data, Housing, Recession
Foreclosure filings spiked in December. The 14% increase from the previous month made the first monthly increase since July — and a hell of a severe way to break the streak. The double-digit increase, reported by RealtyTrac, brought the number of foreclosures to 349,519 in December. In addition to the increase from November, the result is a year-over-year increase of 15% from December 2008. In 2009, 2.8 million foreclosures were filed, up 21% from 2008 and 120% from 2007.
Foreclosure activity reached a monthly high of 361,000 in July, but loan modifications, say legislation extending the foreclosure process and the volume of homes in the foreclosure pipeline had resulted in a gradual decline from that point. From the third quarter to the fourth, foreclosures fell 7%, though the rate was still up 18% from the fourth quarter of 2008. California posted a 17% decline in foreclosures quarter-over-quarter, though it increased 9% from November to December.
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Foreclosures Rise 14% in December originally appeared on BloggingStocks on Thu, 14 Jan 2010 09:00:00 EST. Please see our terms for use of feeds.
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