Foreclosure Moratorium Ending

January 6, 2009

by Angie Moreschi

There was a brief lull in the skyrocketing number of foreclosures at the end of 2008, thanks in part to temporary foreclosure moratoriums by some states and mortgage lenders.  But don’t be fooled, it was a hollow gesture to avoid having the bad publicity of families being thrown out of their homes over the holidays.  Predictions for 2009 foreclosures look grim.   In the video above, WFLA channel 8 in Tampa reported on the likelihood that foreclosures will jump again now that the brief freeze in foreclosures is ending.

RealtyTrac, which tallies foreclosures nationwide, expects to see a large jump in foreclosures in January and beyond as job losses mount and temporary foreclosure limits for the holidays expire. The Federal Reserve predicts that new foreclosures this year will reach about 2.25 million, more than double pre-crisis levels.

Nevada, Florida, and Arizona had the nation’s top foreclosure rates according to RealtyTrac. In Nevada, one in every 76 homes received a foreclosure notice in November. In Florida, one out of every 173 properties received a foreclosure filing in November.

Visit WFLA Newchannel 8 website.