- Foreclosure filings surpassed 3 million in 2008, setting a record that has Washington, D.C., policymakers calling for more aggressive efforts this year to aid troubled homeowners.
- Foreclosures last year were up 81% from 2007 and 225% from 2006, according to a report out today from RealtyTrac.
- One in 54 homes received at least one foreclosure filing during the year, RealtyTrac reported.
- Banks repossessed 861,664 properties in 2008 compared to about 404,000 in 2007.
- Houses in some stage of foreclosure totaled 303,410 in December [2008], up 17% from the previous month and up nearly 41% from December 2007.
- As foreclosures mount, other homeowners are jumping on falling interest rates to lower their monthly mortgage payments. Refinancing applications, now about 85% of all mortgage applications, have surged to levels not seen since 2003.
- The average foreclosure process costs lenders $58,000, which is why in cities across the country, there has been a growing trend of banks quietly declining to take possession of properties at the end of the foreclosure process...[more]
- Illinois saw 99,488 homes with foreclosure filings in 2008, a foreclosure rate of 1.8%, ranking it #9 in the country.
- Some 13,647 Illinois homes received a foreclosure filing in April 2009, a drop of more than 11 percent since March 2009, but filings still were 54 percent higher than they were a year ago, according to RealtyTrac. During April, one in every 384 homes in Illinois received a foreclosure filing, which can include initial default notices, auction sale notices and bank repossessions.
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