Foreclosures hit record high in 2009

Nearly one in every 45 households went into default last year, which is 21 percent more than 2008, and more than double the total in 2007, according to RealtyTrac, an online marketer for foreclosed homes. Almost 3 million homeowners saw a foreclosure filing in 2009, setting the record for most number of people falling behind on mortgage payments. These record-setting numbers occurred despite President Obama’s Home Affordable Modification Program, which was implemented to reduce foreclosures. To read more about the record number of foreclosures, click here.