Foreclosures, Short Sales, and Deed-in-Lieu-of-Foreclosure Actions

First Quarter 2009

 Completed Foreclosures and Other Home Forfeiture Actions

Home forfeiture actions fell during the first quarter of 2009, declining by 8.7 percent from the previous quarter.  Completed foreclosures fell to 78,936 during the first quarter of 2009, declining 11.9 percent from the previous quarter, reflecting the continuing effect of federal, state, local, and servicer-imposed foreclosure moratoria.  Short sales and deed-in-lieu-of-foreclosure actions increased to 18,194 in the first quarter but remained a small fraction of the total number of home forfeiture actions.

Banks and thrifts implemented nearly 3.5 times more home retention actions—loan modifications and payment plans—than completed foreclosures and other home forfeiture actions during the first quarter of 2009.  The significant increase in this ratio reflected both the continued rapid increase in loan modifications as well as the significant reduction in completed foreclosures.

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