RealtyTrac: 3.9 Million Defaults in 2009

in economy Federal Reserve Gold GOld juniors silver by admin — December 10, 2009 12:38 pm | no comments

� � According to the data released today by RealtyTrac Inc, U.S foreclosure filings will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default. That’s much worse than the previous record when 3.2 million borrowers slid into default just last year. All told, nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November. The only bright spot was that the figure actually fell 8 percent from a month earlier in October. Even so, most foreclosure experts agree that the foreclosure crisis is likely to get worse before it gets better. “We don’t really believe the underlying problems have been resolved,” said Rick Sharga, senior vice president at the Irvine, Calif.-based foreclosure listing service. Many borrowers, he said, “simply aren’t going to qualify” for help. As a result, foreclosure filings were still up 18 percent from a year ago, while a new wave is expected next year as high unemployment persists and more borrowers fall out of loan modification programs. In the meantime, the damage falling home values has done to homeowners every where continues to grow. To wit: From Bloomberg by Dan Levy entitled: U.S. Homeowners Lost $5.9 Trillion Since 2006 Peak “U.S. homeowners have lost about $5.9 trillion in value since the housing market’s peak…