Foreclosures in Process

First Quarter 2009

Foreclosures in process rose to 844,389 and represented 2.5 percent of all serviced loans, as a variety of moratoria on foreclosures expired during the first quarter of 2009 and the recession continued to exert pressure on borrowers.  The increase in the number of foreclosures in process represented a 21.8 percent jump from the previous quarter and 72.6 percent rise from the first quarter of 2008.  The rate of increase in foreclosures in process was highest for prime borrowers, repeating the trends noted for serious delinquencies and newly initiated foreclosures.

Foreclosures in process is the sum of newly initiated foreclosures plus foreclosures in process at the end of the previous quarters, minus the number of foreclosures that were completed or otherwise terminated during the quarter.  Many foreclosures in process never reach completion as borrowers and servicers seek other resolutions.

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