Report: Mortgage foreclosures up 81 percent

NEW YORK (Reuters) - U.S. foreclosure activity jumped 81 percent in 2008, with one in every 54 households getting at least one filing notice, suggesting various state laws and private programs to slow the process have been ineffective, RealtyTrac reported on Thursday.


 


 Nearly 3.2 million foreclosure filings on 2.3 million properties were made last year, the Irvine, California-based research firm said. Filings include notice of default, auction sale or bank repossession.


 


 "Clearly the foreclosure prevention programs implemented to date have not had any real success in slowing down this foreclosure tsunami," James J. Saccacio, chief executive officer of RealtyTrac, said in the report.


 


 Foreclosure activity did slow in the fourth quarter overall, declining 4 percent from the third quarter, but jumped nearly 40 percent from the fourth quarter of 2007.


 


 And foreclosure activity last year was up 225 percent from 2006, the year home prices began a deep slump that prevented many homeowners from selling or refinancing.


 


 Home prices have plunged more than 20 percent from the summer of 2006, according to Standard & Poor's/Case-Shiller measures.


 


 Filings leaped by 17 percent in December from November.


 


 "State legislation that slowed down the onset of new foreclosure activity clearly had an effect on fourth-quarter numbers overall, but that effect appears to have worn off by December," Saccacio said. "The recent California law, much like its predecessors in Massachusetts and Maryland, appears to have done little more than delay the inevitable foreclosure proceedings for thousands of homeowners."


 


 California required lenders to provide written notice of their intent to start foreclosure proceedings 30 days prior to issuing a notice of default.


 


 Nevada, Florida, Arizona and California, respectively, posted the highest state foreclosure rates last year, RealtyTrac said.


 


 These are states where home prices soared the most during the five-year housing boom earlier this decade.


 


 Foreclosures also rose as interest rates jumped last year just as hundreds of billions of dollars of adjustable-rate mortgages reset, sending loan payments sharply higher.


 


 And lenders that had seldom turned potential borrowers away clamped down, curbing access to new funds, as foreclosures shot to record highs.


 


 RealtyTrac has said that foreclosure activity would spike without a broad permanent fix for troubled mortgages in what economists are calling a deep recession.


 


 Some relief may come from January's tumbling home loan rates, spurred by the promise of massive government purchases of mortgage bonds.


 


 Average 30-year loan rates have fallen under 5 percent, the lowest in some four decades, by several measures. Requests to refinance have soared to the highest level in more than five years, according to the Mortgage Bankers Association, which could cut borrowing costs and help keep some borrowers in their homes.


 


 Nevada had the highest rate of foreclosure, with more than 7 percent of Nevada housing units, or one in every 14, receiving at least one foreclosure notice in 2008. There were foreclosure filings on 77,693 properties, up nearly 126 percent from 2007, RealtyTrac said.


 


 California had the highest number of foreclosure filings, at 523,624 properties, followed by Florida and Arizona.


 


 Among the 100 largest metropolitan areas, Stockton, California, had the highest rate of foreclosure, at 9.46 percent. Las Vegas was close behind in second place.


 


 Cities in California and Florida accounted for seven of the top 10 metro foreclosure rates, RealtyTrac said. Economically challenged Detroit was in 10th place, with one of every 22 housing units receiving a filing notice last year.

Everything comes down to the two Senate runoffs in Georgia. If we lose both races, we lose the country. Democrats know this and are pouring in millions to usher in a Marxist agenda.

As the Left tries to hide how radical the two candidates really are, Glenn takes us inside the Democrat war room to expose the wolf in pastor's clothing, Raphael Warnock, and America's Justin Trudeau, Jon Ossoff. Socialism, the Green New Deal, and "defund the police" are all on the table. And Glenn warns of what's to come if conservatives don't activate: Chuck Schumer will weaponize the Senate, and the radical Left will launch an all-out assault to ravage the Constitution.

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Sen. Ted Cruz (R-Texas) joined the "Glenn Beck Radio Program" to explain how mail-in ballots are typically disqualified during recounts at a far higher rate than in-person, Election Day ballots, and why this is "good news" for President Donald Trump's legal battle over the election.

"One of the things that gives the greatest cause for optimism is, this election ... there's a pretty marked disparity in terms of how the votes were distributed. On Election Day, with in-person voting, Donald Trump won a significant majority of the votes cast on in-person voting on Election Day. Of mail-in voting, Joe Biden won a significant majority of the votes cast early on mail-in voting," Cruz explained.

"Now, here's the good news: If you look historically to recounts, if you look historically to election litigation, the votes cast in person on Election Day tend to stand. It's sort of hard to screw that up. Those votes are generally legal, and they're not set aside. Mail-in votes historically have a much higher rate of rejection … when they're examined, there are a whole series of legal requirements that vary state by state, but mail-in votes consistently have a higher rate of rejection, which suggests that as these votes begin being examined and subjected to scrutiny, that you're going to see Joe Biden's vote tallies go down. That's a good thing," he added. "The challenge is, for President Trump to prevail, he's got to run the table. He's got to win, not just in one state but in several states. That makes it a lot harder to prevail in the litigation. I hope that he does so, but it is a real challenge and we shouldn't try to convince ourselves otherwise."

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Fox News senior meteorologist Janice Dean is perhaps even more disgusted with New York Gov. Andrew Cuomo (D) for his coronavirus response than BlazeTV's Stu Burguiere (read what Stu has to say on the subject here), and for a good reason.

She lost both of her in-laws to COVID-19 in New York's nursing homes after Gov. Cuomo's infamous nursing home mandate, which Cuomo has since had scrubbed from the state's website and blamed everyone from the New York Post to nursing care workers to (every leftist's favorite scapegoat) President Donald Trump.

Janice joined Glenn and Stu on the "Glenn Beck Radio Program" Tuesday to ask why mainstream media is not holding Gov. Cuomo — who recently published a book about his leadership during the COVID-19 pandemic — accountable?

"I'm vocal because I have not seen the mainstream media ask these questions or demand accountability of their leaders. [Cuomo] really has been ruling with an iron fist, and every time he does get asked a question, he blames everybody else except the person that signed that order," Janice said.

"In my mind, he's profiting off the over 30 thousand New Yorkers, including my in-laws, that died by publishing a book on 'leadership' of New York," she added. "His order has helped kill thousands of relatives of New York state. And this is not political, Glenn. This is not about Republican or Democrat. My in-laws were registered Democrats. This is not about politics. This is about accountability for something that went wrong, and it's because of your [Cuomo's] leadership that we're put into this situation."

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As America grows divided and afraid to disagree with the Democrats' woke plan for America, Megyn Kelly is ready to fight back for the truth. For nearly two decades, she navigated the volatile and broken world of the media. But as America leans on independent voices more than ever, she's breaking new ground with "The Megyn Kelly Show."

She joined the latest Glenn Beck Podcast to break down what's coming next after the election: Black Lives Matter is mainstream, leftists are making lists of Trump supporters, and the Hunter Biden scandal is on the back burner.

Megyn and Glenn reminisce about their cable news days (including her infamous run-in with then-presidential candidate Donald Trump) and to look into the chaotic and shady world of journalism and the growing entitlement it's bred. For example, many conservatives have been shocked by how Fox News handled the election.

Megyn defended Fox News, saying she believes Fox News' mission "is a good one," but also didn't hold back on hosts like Neil Cavuto, who cut off a White House briefing to fact check it — something she never would have done, even while covering President Obama.

Megyn also shared this insightful takeaway from her time at NBC: "Jane Fonda was an ass."

Watch the full podcast here:

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