U.S. foreclosure actions shattered all records in 2009 and will do so again this year, with unemployment and wage cuts overcoming programs to remedy failing home loans, RealtyTrac said on Thursday.
A record 2.8 million properties with a mortgage got a foreclosure notice last year, jumping 21 percent from 2008 and 120 percent from 2007, the Irvine, California-based real estate data company found.
The loan failure rate — and thus the fallout for home prices and the economy — would have been even worse without foreclosure prevention programs and loan processing delays caused by sheer volume, the company said.
Continue reading U.S. 2009 Foreclosures Shatter Record Despite Aid