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A foreclosure filing every 13 seconds

Posted by Scott Van Voorhis  June 2, 2009 09:00 AM
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Here are some foreclosure stats to brighten up your day.

There have been 1 million new foreclosure filings across the country – all since January.

And that number is expected to more than double by year’s end, according to a depressing new report released by the Center for Responsible Lending.

That’s a new foreclosure filing every 13 seconds.

That comes atop a new report by the Mortgage Bankers Association that a stunning 12 percent of all mortgages are now delinquent.

By the end of 2012, we are looking at a total of 9 million more foreclosure filings.

But the rest of us also pay a price, with every foreclosed home dragging down the value of the other homes in the neighborhood.

Over the next three years, that means nearly $2 trillion in property values that will simply vanish, hitting tens of millions of homeowners in the wallet.

I had been feeling slightly optimistic that there might be signs the foreclosure epidemic might have peaked, or was at least slowing so.

Even so, we have dug such a hole it is clearly going to take years to climb out.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.
Rona Fischman is a buyer's agent who provides a look at the local housing scene, from basements to attics.
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