The number of homes in the foreclosure pipeline jumped 81% in 2008 compared with 2007, despite massive efforts by lenders and governments to stem the tide, according to a report released Thursday by RealtyTrac.A total of 2.3 million homes had at least one legal notice of foreclosure filed during 2008, one of out every 54 homes in America, the report said. The filings can include default notices, auction sale notices and bank repossessions.
In December, 303,410 properties received a foreclosure filing of some kind, up 17% from November and up 41% from December 2007.
"Clearly the foreclosure prevention programs implemented to-date have not had any real success in slowing down this foreclosure tsunami," said James Saccacio, chief executive officer of RealtyTrac. Many lenders and loan servicers have been working to modify loans to prevent or delay foreclosures.
Fannie Mae and Freddie Mac imposed a moratorium on new foreclosures, and several states, including California, passed new rules designed to slow down foreclosures. Democrats in Congress are pushing for $50 billion to be spent on foreclosure relief out of the second part of the $700 billion from the Troubled Asset Relief Program.
Locally, one out of three homes listed on an average day are marketed as foreclosed homes.
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