Home Foreclosures: Could 2010 Be Worse Than 2009?

With all the recent reports of the recession being over, one could draw a parallel conclusion — ie, that home foreclosures are decreasing.

Unfortunately — NOT!

Home foreclosures continue to rise. This is the bad news. The REALLY bad news is that 2010 could be worse than what we’ve seen to date if common sense (and oh yeah) — some hard numbers – are any indication. For example, in the Boston.com article, Some very ugly foreclosure numbers, the journalist states:

Nationally, foreclosure activity skyrocketed 23 percent in the third quarter over the same period in 2008, RealtyTrac reports. One out of every 136 household across the country got a foreclosure notice or other filing during the quarter – the most since RealtyTrac began tracking these trends in 2005.

These are the hard numbers folks. Now, for the common sense part. In the October 9, 2009 post here, To Stop Foreclosure: Is the Gov’t Mortgage Modification Program Helping?, we wrote:

Homeowners are losing their jobs and this means many of them are no longer able to afford their mortgage payments. Hence, it’s no longer about mortgage fraud and unqualified buyers; it’s the “average Joe with previously good credit” who’s losing his home now.

Until the economy starts to make a REAL recovery with REAL jobs that pay REAL decent wages, we probably ain’t seen nothing yet compared to what’s to come with this home foreclosure crisis.

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Copyright © 2009 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.