RealtyTrac Finds 21% Increase in Defaults in 2009

There was a 21% increase in 2009 over 2008 in the number of default notices, scheduled foreclosure actions and repossessions, RealtyTrac declared in its Year-end 2009 Foreclosure Market Report. When the 2009 numbers are compared with 2007, the increase in filings was 120%. But these numbers, insiders said, were in part restrained by the effect of federal intervention. A total of 3,957,643 foreclosure filings were reported on 2,824,674 U.S. properties in 2009. And "as bad as the 2009 numbers are," said James J. Saccacio, chief executive of the Irvine, Cal., based online marketplace, "they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans." During the year the number of delinquencies continued to increase with up to 349,519 foreclosure filings reported in December alone, up by 14% from November, and 15% from December 2008. At the same time, while foreclosure activity in the fourth quarter of 2009 increased by 18% from same period one year prior, it dropped 7% compared to the third quarter 2009. High delinquencies however, represent a long-term supply of potential foreclosures expected to happen this year, said RealtyTrac.