1 in 84 Homes Receive Foreclosure Notice in First Half of 2009

As the unemployment rate approaches double-digits, almost two million homes received foreclosure filings in the first half of 2009, 15% more than in the same period for 2008, and 9% more than in the previous six month period, according to a new industry survey.

RealtyTrac, an online marketplace for foreclosure properties, said 1.905 million foreclosure filings, default notices, auction sale notices and bank repossessions were reported on 1,528,364 U.S. properties between January and June. 

To put that into context, 1 in 84 (or 1.19%) of all housing units in the US received at least one foreclosure notice during that period.

“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” said James J. Saccacio, CEO of RealtyTrac. 

The most recent data doesn’t point to an easing in foreclosures. The final month of the period, June, reported 336,173 foreclosure filings, marking the fourth straight month that saw filings exceed 300,000

Moreover, the second quarter was worse than the first. In Q2, 889,829 properties received foreclosure filings, an 11% increase from the previous quarter ― and a whopping 20% higher than Q2 2008.

Saccacio added: “Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.”

For regional data, see the full report here