Foreclosures inrease in 2009

The latest numbers show that 2.8 million homes were foreclosed in 2009. That is up 21% from the 2008 foreclosures. It seems that the loan modification program is not as effective as many hoped. Around half of the foreclosures occurred in California, Florida, Illinois and Arizona. It looks like a lot of markets still have a long ways to go before the foreclosures end.