Industry NewsMortgage

2009 foreclosures up 21%

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The number of properties hit with foreclosure-related filings in 2009 climbed 21 percent from the year before, to 2.82 million, data aggregator and foreclosure property search site RealtyTrac said Thursday.The number of foreclosure-related filings was up 120 percent from 2007, and would likely have been higher if not for delays in processing delinquent loans, said RealtyTrac CEO James Saccacio.Foreclosure-related filings peaked in July with more than 361,000 homes subjected to foreclosure-related filings, Saccacio said, followed by four straight monthly decreases "driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process, and an overwhelming volume of inventory clogging the foreclosure pipeline."Not all properties subjected to foreclosure-related filings -- which include default notices, scheduled foreclosure auctions and bank repossessions -- complete the process.Some homeowners negotiate loan modifications or worko...