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2008 Foreclosure Statistics - Its Worth A Look

2008 Foreclosure Statistics

You’ve probably heard that the housing market isn’t doing too well. Actually, that is quite an understatement isn’t it?

The housing market has hit rock bottom. American families are struggling to keep their homes and are doing everything in their power to do so. However, as the unemployment rate continues to increase, things aren’t looking so good for American homeowners.

In 2008 alone, the United States saw an increase in foreclosure filings. We aren’t talking a small increase. We are talking about an increase of 81 percent. Foreclosure filings have increased by 225% when compared to 2006’s numbers.

More than 861,664 families lost their homes to foreclosure in 2008. Similarly, there were more than 3.1 million foreclosure filings reported in 2008. What exactly does this mean? Well, approximately one in every 54 families received a foreclosure notice in 2008.

That is an alarming number. Think about all of the families that you know. You certainly know at least 54 families. Maybe double that number. Possibly triple that number. Now, think of how many of those families that you know personally are on the brink of foreclosure or bankruptcy.

James Saccacio, CEO of RealtyTrac said, “Clearly the foreclosure prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami.”

As stated, the government is working to stop the wide spread of foreclosures. However, it may not be working hard enough, because nothing is stopping the ‘outbreak.’ Foreclosures seem to be spreading like wild fire or some highly-contagious disease.

Saccacio continued, “The big jump in December foreclosure (December foreclosures were up 17 percent) activity was somewhat surprising given the moratoria enacted by both Freddie Mac and Fannie Mae, along with programs from some of the major lenders and loan servicers aimed at delaying foreclosure actions against distressed homeowners.”

Fannie Mae and Freddie Mac both suspended foreclosures from November 26, 2008 through January 31, 2009. However, this hasn’t seemed to do any good.

A RealtyTrac spokesman, Rick Sharga, said, “I don’t see how we can avoid three million foreclosures again in 2009.”

The number of foreclosure filing in 2008 is the highest ever recorded. Too many American families are losing their homes. Too many families are desperately searching for a way to feed their children. When will this ever end?