Lenders filed a record 3.8 million foreclosures in 2010, up 2% from 2009 and an increase of 23% from 2008, according to RealtyTrac. But 2011 could be even worse.
RealtyTrac follows filings across the country that include notices of default, scheduled auctions and REO. The number in 2010 would have been higher were it not for the foreclosure moratoria banks announced in October when employees were found to be signing and filing affidavits improperly in what has become known as the robo-signing scandal. RealtyTrac CEO James Saccacio said as many 250,000 foreclosures will likely be resubmitted and added to the numbers for 2011.
The final quarter of 2010 had the lowest total since the fourth quarter of 2008. Lenders filed slightly fewer than 800,000 foreclosure cases in the fourth quarter, down 8% from a year ago and down 14% from the previous period.
In December, filings dropped 26% from a year ago and 2% from the previous month. Lenders ramped up repossessions, REO, for the month by 4%, led by a 71% monthly increase in Nevada to 3,022 repossessions. However, Nevada REO was still down 24% from a year ago.
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