RealtyTrac reports that mortgage defaults rose 21% in 2009 compared to 2008:
Almost 3 million homeowners received at least one foreclosure filing during 2009, setting a new record for the number of people falling behind on their mortgage payments.
RealtyTrac, the online marketer of foreclosed homes, reported that one in 45 households — or 2,824,674 properties nationwide — were in default last year. That's 21% more than in 2008, and more than double 2007's total.
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I saw this Tech Ticker video on Yahoo about the "morality" of walking away from your mortgage.
ReplyDeleteIt seems like a fair and balanced view.
Why is Lionel Luthor Senior VP of RealtyTrac?
ReplyDeleteHow much more blood is there it bleed? At this rate, the patient (i.e., housing) will be bled dry within the next year or two.
ReplyDeleteI read that the foreclosures are hitting records more slowly; so we have that going for us, which is nice.
ReplyDeleteDepends on where you live. In DC proper, they peaked in 2008 and are down 8% YOY.
ReplyDelete