During 2009, almost 3 million homeowners receive a minimum of one foreclosure filing. This is a new record.
It is reported by Realty Trac, that 1 in every 45 which is 2.8 million households were in default in 2009. What does 2010 hold for the foreclosure market.
I think that the US foreclosure rate in 2010 is going to move up. Let me tell you why.
Look at the chart to the left. You can see that all of the foreclosure trends are still moving up.
I have talked to a lot of homeowners that may not be behind in their payments, but they have lost a ton of equity and now are upside down and there are more and more people that are just walking away from homes that have lost money. See my home search here.
We will have to see what happens. If you are a buyer, it is a great time to think about picking up a property. I am not saying that the market is at the bottom, but no one can ever tell you that the market has hit bottom until months after actual real estate foreclosure and market numbers come out.
Contact me at Josh@HomesWithJosh.com with any questions about the short sale and foreclosure market in 2010.