{"id":75150,"date":"2009-12-10T16:02:00","date_gmt":"2009-12-10T21:02:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/american-foreclosures-ready-to-break-the-4-million-mark-2009-12"},"modified":"2009-12-10T16:02:00","modified_gmt":"2009-12-10T21:02:00","slug":"american-foreclosures-set-to-break-the-4-million-mark","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/75150","title":{"rendered":"American Foreclosures Set To Break The 4 Million Mark"},"content":{"rendered":"

\"foreclosures\"<\/a><\/strong><\/p>\n

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(This guest post originally appeared at the author’s blog<\/a>)<\/em><\/p>\n

RealtyTrac<\/a><\/strong> has released their monthly US Foreclosure Market Report today and its a mixed bag of results. In other words, its like unemployment. Its at a high level but the pace of increase seems to be abating. In other words, with 3.9 million notices sent to homeowners in default, it is going to take a while for this inventory to clear out.<\/p>\n

Here are the foreclosure metrics by state<\/a><\/strong>.<\/p>\n

And a news recap:<\/p>\n

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foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — were reported on 306,627 U.S. properties during the month, a decrease of nearly 8 percent from the previous month but still up 18 percent from November 2008. The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.<\/p>\n<\/blockquote>\n

Phyllis Furman over at The Daily News does a nice NYC-centric analysis<\/a><\/strong> of the results.<\/p>\n

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While foreclosure activity is rising, the percentage of homes at risk here – one in every 1,706 – is small relative to the rest of the country. In November, 306,627 U.S. homes – one in every 417 – received a foreclosure filing. That was up 18.4% from last year, but down 7.7% from October.<\/p>\n<\/blockquote>\n

And Dan Levy at Bloomberg does a nice US foreclosure recap<\/a><\/strong><\/p>\n

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Dec. 10 (Bloomberg) — Foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, RealtyTrac Inc. said.<\/p>\n

This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.<\/p>\n

“We are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”:<\/p>\n<\/blockquote>\n

Statistical nirvana by default (sorry for the pun)<\/p>\n