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RealtyTrac reported this week that in 2008, the U.S. had a total of 3,157,806 foreclosure filings — default notices, auction sale notices and bank repossessions — on 2,330,483 U.S. properties. This was an 81% increase over 2007, and a 225% percent increase from 2006.

The report also shows that 1.84 percent of all U.S. housing units (one in 54) received at least one foreclosure filing during the year, up from 1.03 percent in 2007.

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Sources:
2.3 Million Properties with Foreclosure Filings in 2008

http://www.foreclosurepulse.com/blogs/mainblog/archive/2009/01/14/year-end-2008-foreclosure-data.aspx

FORECLOSURE ACTIVITY INCREASES 81 PERCENT IN 2008
RealtyTrac, Jan. 15, 2009

http://www.realtytrac.com/ContentManagement/pressrelease.aspx?ChannelID=9&ItemID=5681&accnt=64847

Category: Credit, Legal, Markets, Real Estate

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

19 Responses to “2008 U.S. Foreclosure Heat Map”

  1. AmenRa says:

    So basically the value of the Level 3 assets are still going lower. I can’t believe the pundits are still calling a bottom. The CRE problem is still waiting in the wings. In 2008 we saw the water pull away from the shore. In 2009 we’ll see the tsunami coming at us.

  2. redrozes says:

    Seeing graphic illustrations of the ongoing wealth destruction like this, you can understand why the cowardly Bush policymakers chose the bailout path they did. Ideologically they view most of the policy prescriptions of an Obama administration as completely toxic. The only way to prevent them is to make it impossible to afford them.

    More importantly, the bailout efforts (including the latest B of A scandal), is basically an old-fashioned jobs stimulus package under the guise of financial alchemy. Everyone talks about why there hasn’t been a revolution in this country since the TARP was announced and why the outrage has been so muted and fuzzy.

    Well, there is only one truly powerful industry left in this country and that is the financial services industry. While it is not monolithic, it represents a huge swath of people and money – far stronger than Mao’s masses or the hordes of Russian serfs or the French sans-culottes. The last thing Bush, Cheney, Paulson and Bernanke could afford to do would be to let the vast majority of these people fall into complete economic limbo by virtue of letting the whole insolvent system actually go bankrupt.

    So the policymakers have a choice to either let millions of ordinary, politically indifferent, poorly educated workers (low wage in the Circuit City paradigm, high wage in the automaker paradigm) lose their jobs or let millions of highly educated, politically savvy and ruthless finance types jump into leaky lifeboats. Who do you think will find a way to get to a safe shore and then plot their revenge? Which would you rather have happen if you were the GOP?

    Sure lots of financial services types have been laid off, but not the core people, not the ones in control and with an inside edge. The beneficiaries of Paulson’s corruption will get their comeuppance soon (hell, the smoke and mirrors can’t last forever), but they will get to blame Obama for making them take their medicine. And if the GOP leaders don’t screw it up, THEY will get to lead these murderous crowds of pinstripes as they thunder through the halls of Washington and the state capitals demanding their vacation homes and BMWs get saved before the little people get a free checkup or two.

  3. Swampfox says:

    Late 2009 recovery. No doubt.

  4. newsieuzi says:

    This is the sort of Red Map that made the election a blue map this year.

    I mean seriously…

    http://tv1.com/playlists/123

  5. carleric says:

    The most contemptible position of our politicos is to claim they want to stem the tide of foreclosures so people can stay in their homes. The facts are that they only want to insure that people pay their mortgage to keep the banking lobbysists happy and campaign contrtibution coming in. It is, as always, all about the banks.

  6. Bruce in Tn says:

    Foreclosures will accelerate because industrial production is decelerating…

    http://briefing.com/Common/Images/Content/PageContent/EcData/ipnt.gif

    Industrial production was down, yeah, 2 per cent today..but the trend is worse…now down 7% in the last five months, and it appears the down number is growing month by month…ala Circuit City…

    just the facts..

  7. DL says:

    I assume that Obama’s plan for “foreclosure mitigation” is to take money from people who have been financially responsible and to give it to homebuyers who got in over their heads, or to people who want to buy foreclosed properties.

  8. Jim C says:

    So, if 2007 was 1.08%…why does the next to darkest color encompass that number?

    Just pointing out that the way the data is represented in the illustration is alarmist.

    Perhaps we should use green for everything under 1.08? That would make the illustration very different.

  9. Mannwich says:

    @DL: If that’s his plan, then what’s to stop EVERYONE from just ceasing all mortage payments? I’ve been very responsible up to this point and would have to give that at least a passing thought if this is their plan (and I voted for O too and still have reasonably high hopes for him if only because ANYONE has to be an improvement over the Chimp).

  10. willid3 says:

    i wonder why some complain that other might get a bail out since they were responsible. now that we have blamed the buyers lets consider this. if your neighbor is one of those who got sucked into this debacle, it means that if that home if foreclosed on (eventually. sort of wonder why the lenders are bothering. what are they going to do with that house when they get it back? sell it? for .50 on the dollar?). and that means in the following years you might get one benefit, lower property taxes, but you will definitely get a home that worth less, maybe a lot less (remember the lender sold that home they foreclosed on for 1/2 price). which may mean you got tagged to. it may not matter to you now as you have no plans to sell. but you may have to for some unforeseen event have to. and now you may join your neighbor in this debacle as your home is now worth less than what you owe on it too!
    now can some one tell me what any body is really doing to solve the real problem. that would be those collapsing wages, until we fix that, the housing prices will continue to collapse too! till they match wages. along with just about every thing else!

  11. “now can some one tell me what any body is really doing to solve the real problem. that would be those collapsing wages, until we fix that, the housing prices will continue to collapse too! till they match wages. along with just about every thing else!”

    There is nothing that can be done short of armed conflict that will stop the ongoing international wage arbitrage where, for example, the Chinese peasant enters the industrial work force making widgets to get better pay than he got at subsistence farming, but his doing so drives down the wages of the American worker that was already making widgets for a princely salary, with benefits. Until the peasant’s wages and the American worker’s wages roughly equillibrate in terms of buying power, the arbitrage will continue. When an hour’s worth of labor in China (or elsewhere–pick a trading partner) buys a Big Mac combo, supersized, like it does for min wage workers here, then wages in America will stop dropping.

    As for housing, wages did not drive the prices up. Plain and simply, too much money/credit did, causing housing to become a speculative investment vehicle instead of a home. Wages for American workers have barely risen, on a real, inflation-adjusted basis, since the 70′s (international wage arbitrage, above). Housing prices have much left to fall to return to the fundamental value in the main benefit of ownership, i.e., as shelter. Anything, including preventing (which is really only forestalling) foreclosures that tries to make an artificial bottom in housing will only delay the inevitable.

  12. Steve Barry says:

    Recovery in 2015.

  13. Mannwich says:

    @willid3: To be honest, I would have much rather the Feds bailed out homeowners at the beginning of this mess. Would have been far less costly and probably far more effective, but we can’t keep bailing everyone out forever without any consequences, can we?

  14. AGG says:

    We saw the future of our economy in similie and metaphor yesterday.
    The airport’s name comes from a former mayor of New York City namedLa Guardia. This is Italian for “the guard”.
    The plane is the economy.
    The passengers are the American people.
    The pilot and crew are Obama and his administration.
    The geese are Republican Senators.

    So the old guard puts Obama in charge for a new takeoff of our economy. The American people are mostly on board. The crew is disciplined and well trained. The “geese” filibuster to destruction the engines of economic takeoff for a healthy economy rather than allow success. They destroy their carreers (career suicide) by their actions. Obama “lands” the “economy” softly on a river of liquidity. The economy “sinks” but the people survive, poorer but thankful of having a skilled pilot. Next up are determined efforts to keep “geese” away from the “airports”.

  15. AGG says:

    Hey Winston. Help me out with the plane ditching metaphor. You’re the one that got me to thinking about it. A new airplane (economic model) to replace the one that sank?

  16. AGG says:

    Obama said that if Paul Krugman had advice, he would listen. Well, here it is Mr. President:
    http://www.nytimes.com/2009/01/16/opinion/16krugman.html?_r=2&ref=opinion

  17. AGG says:

    Bush gave a speech yesterday. Here’s the translation:
    Greed is not good.
    Greed is GOD!
    Forget, hell!
    We’ll be back.

    Well, he certainly has been consistent. Either that or his speech writers are kept on a steady cocaine diet.

  18. constantnormal says:

    @ Steve Barry (4:52pm) –

    “Recovery in 2015.”

    Sir, you are an incorrigible optimist. The Japanese are still in decline, entering their 19th year following their own real estate bubble imploding in 1990. We are following a very similar policy to date, pouring government funds (i.e., borrow money using the taxpayers’ credit card) into the dead/dying financial industry and generally wrecking the financial infrastructure on a quasi-permanent basis.

    2015! Ha!

    All humor aside, I do find it mind-boggling that the foreclosure madness has gone on this long. I sure woulda expected pitchforks and torches in the hands of angry mobs of the dispossessed.

  19. Steve Barry says:

    @constant:

    “All humor aside, I do find it mind-boggling that the foreclosure madness has gone on this long. I sure woulda expected pitchforks and torches in the hands of angry mobs of the dispossessed.”

    So far, most that have been foreclosed on think they got over on someone for awhile and finally got caught…they never qualified to own homes in the first place and should be renters. They were pawns, used ultimately by Wall Street, to facilitate selling so much securitized product that the losses seem to never end. They can always go back to renting.

    About “recovery 2015″, yeah, I sugar-coated it…what I really see is “major declines over 2015″…but they will spin it as a recovery.