Latest Report Reveals Bleak News About Foreclosure Rates

According to the RealtyTrac Year-End 2009 Foreclosure Market Report

, 3,957,643 foreclosure filings were reported on 2,824,674 U.S. properties in 2009. This includes scheduled foreclosure auctions, default notices and bank repossessions.

That's a twenty one percent increase in properties from numbers in data collected in 2008, and a one hundred and twenty percent increase in total properties from 2007. The report also revealed that one in forty five housing units, 2.21 percent, received at least one foreclosure filing during 2009, up from 2008's 1.48 percent and 2007's 1.03 percent.

In the month of December alone, the foreclosure filings were reported totaled 349,519 properties in December. That's a fourteen percent jump from the previous month of November and a fifteen percent increase from 2008. Despite this, even though there was an increase in December, foreclosure activity in the fourth quarter of 2008 has decreased by seven percent.

Out of all of the states, Nevada captured the nation's highest state foreclosure rate; more than ten percent of housing units received at least one foreclosure filing in 2009. This is Nevada's third consecutive year at the top of the foreclosure list. Nevada's foreclosure activity in December increased twenty seven percent from the previous month, but still was down by twenty two percent from December of 08.

Arizona claimed the nation's second highest state foreclosure rate in 2009 with more than six percent of properties receiving at least one foreclosure filing during 2009, and Florida claimed the nation's third highest foreclosure rate at 5.93 percent of its properties getting at least one foreclosure during the filing year.

The debt collection industry has obvious concerns. Recent trends have shown that consumers are pumping up their credit debt and low balling their assets to receive lower payment plans. The fact that they are maxing out their credit cards to receive lower payment plans does not look promising for the future.

by: Mallory Megan

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