1.5 million homes in foreclosure in '09

http://money.cnn.com/2009/07/16/real_estate/RealtyTrac_foreclosure_report/index.htm?cnn=yes

NEW YORK (CNNMoney.com) -- The foreclosure plague is not going away -- it's only getting worse.

A record 1.53 million properties were in the foreclosure process -- default notices, auction sale notices and bank repossessions -- during the first six months of 2009. That was 9% more than the previous six months and 15% more than the same period of 2008, according to a report released Thursday by RealtyTrac.

There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least one filing in the first half of the year. Banks repossessed 386,800 properties.

"What this means is, despite the intensity of the efforts on the part of government and lenders we don't have a handle on foreclosures yet," said Rick Sharga, a spokesman for RealtyTrac.

(recovery?)

after their portfolio of vintage 2008-2009-2010 properties no longer chash-flow because of falling rents, and housing loses another 15-20% wiping out any equity.

Which delay the foreclosure process and boost the number of homes in some stage of the foreclosure process.

These should start flowing through to either being owned by the lendor or a successful restructuring.

But the restructuring takes time, since there has to be a track record of the borrower keeping up payments for a few months before the restucturing is final.