Contact | Login|Register

Call Us: 949.874.7020

• Home
• Open Houses
• Search Properties
• Buyers Resources
• Sellers Resources
• Financing
• About

U.S. Foreclosures Reach 1 Million

Over 1 million homeowners have lost their homes to foreclosure since the beginning of 2009, according to recent figures released by RealtyTrac, a real estate data provider based in Irvine, California.

In 2009, 918,376 homes were sold as real estate-owned (REOs) in foreclosure sales. This is 6.6% higher than in 2008, where the number reached 861,664 by year-end. In January, another 87,648 homes were foreclosed on, bringing the total to 1,006,024 since 2008.

The actual number could actually be higher, as REOs make up only a fraction of the total foreclosures. Homes generally revert to REO when it does not get any bids at an auction, so those that are successfully sold to third parties are not accounted for.

Another real estate information firm, DataQuick, reported that about one in five of these foreclosures occurred in California alone. This makes the state among the hardest hit by the economic recession and the housing crisis that followed.

DataQuick figures show that 190,360 homes in California were sold in foreclosure and REO sales in 2009, just a bit over 20% of the total. The year before, 236,231 foreclosures were recorded, accounting for a much higher 27.4%.

Orange County is among the most affected areas in the state, which experts believe has to do with its prohibitively high selling prices. The county, which includes upscale cities like Newport Beach and Laguna Beach, had close to 9,200 foreclosures in 2009.

However, things are still looking up for Orange County and the rest of the state in terms of the housing market. Compared to 2008, foreclosures are down by 19.4% throughout the state, and by a more encouraging 26% in Orange County.