February 15, 2009

Home Foreclosures: How Bad Was 2008?

Reports are coming in for 2008, and the consensus is, home foreclosures rose 81 percent over the number of foreclosures in 2007. RealtyTrac.com, a leading foreclosure tracking company, estimated that some 860,000 properties were foreclosed on in 2007.

The housing market has been blamed for the sudden drop in the economy and the economic recession the country is facing. Yet, some economists believe, the worst is yet to come.

It was not until late in the third quarter and into the fourth quarter that individuals lost their jobs. With the number of layoffs happening each month, upwards of 400,000 in some cases, the foreclosure process with these individuals may not even hit the books for another four to six months.

It is important to see the larger picture when it comes to home foreclosures in 2008. A wide look shows there is no doubt further foreclosures will happen and the housing market is being affected by the economic conditions. The big question is, just how much?

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