As 2009 comes to a close let us revisit some of the top stories of the year. Undoubtedly the year was awash in news of a depressed economy and a depressed real estate market. However, with the cyclic nature of both these areas, we can only wait and see what developments arise in the coming year, and in the coming decade.

January 2009
Foreclosure Research reports mixed figures on foreclosure filings and REOs for 2008.
According to RealtyTrac there were a total of 3.16 million filings for the year. ForeclosureS.com reported 2 million filings. Read the full post here.

February 2009
For the first time in several months, all foreclosure listings companies reported a decline in foreclosure activity between December 2008 and January 2009. Read the full post here.

Foreclosure Research reports on the fraudulent practices of Foreclosure World and Foreclosure Store, specifically spotlighting several Ripoff Report complaints against the company. Read the full post here.

March 2009
A different perspective comes out of a University of Virginia study that finds “foreclosure rates really aren’t that high,” citing that the majority of foreclosures are concentrated in only a few areas. Read the full post here.

More concerns over faulty foreclosure reporting arise with blog author Elizabeth Razzi voicing her concerns. “Like most major media outlets, The Post reports foreclosure numbers from RealtyTrac each month, mostly because there’s no other source that’s better. But I don’t know anyone who uses those numbers, including reputable economists, who isn’t frustrated by the fact that the same home often gets counted more than once in their statistics.”

April 2009
Colorado passes new law which prohibits the governmental use of private foreclosure listing company statistics. The new bill (HB1196) aims to help regulate foreclosure reporting. Read the full post here.

More doom and gloom. Realtor, John Hull describes the fallout from such negative reporting, which “helped to stymie consumer confidence across our nation,” and helped “to cause fear and alarm in our community without including any of the positive aspects, which offer balanced reporting.” Read the full post here.

May 2009
RealtyTrac quote found in job loss statistic, which triggers concerns over whether or not that is their area of expertise. Read the full post here.

June 2009
An article headline reads, “U.S. foreclosures jump to record high,” misusing the word foreclosure for foreclosure filings (or notices of default). Yet further in the depths of the article a reader will find that actual foreclosures decreased for the period. Read the full post here.

July 2009
RealtyTrac makes public statement that its figures “should not be held to the same standards as statistics compiled by government agencies for the purpose of making public policy decisions.” However, in a press release located on their Web site it specifically states that “RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.” Read the full post here.

July 17, 2009: Happy one year anniversary for Foreclosure Research!

August 2009
Foreclosure Research reports a deviation of 51% between ForeclosureS.com’s mid-year statistics and those of RealtyTrac’s.

RealtyTrac offers an explanation for its sparse coverage in rural areas; citing populations of less than 25,000 are many times overlooked. Read the full post here.

September 2009
ForeclosureS.com and RealtyTrac figures show only a 6% difference in Nevada foreclosure statistics compared to past differences of over 100%. Read full post here:

October 2009
Colorado posts its first foreclosure report since converting to government run foreclosure data collection. Read the full post here.

The Housing Assistance Council releases the report, “What is the housing foreclosure situation in rural America?” The report cites discrepancies with certain foreclosure statistic providers such as RealtyTrac and their sparse coverage in rural counties. Read the full post here.

November 2009
Concerns spread over the practices of online retailers. In this particular instance a professor of economics unwittingly subscribed to two services (rather than the obvious one service) when signing up for real estate listing provider RealtyTrac. Read full post here.

December 2009
A close look into the Obama administration’s Making Home Affordable Program. While created with good intentions it appears that some of the homeowners with modified mortgages are still falling behind in payments. Read the full post here.

On the upside, while foreclosures are up from previous years, many states have seen consecutive months of decreased foreclosure rates. Some experts say recent legislation, specifically the Obama Administration’s Making Home Affordable Program, has played a significant role in the latest figures.

The program offers homeowners with mortgages guaranteed by Fannie Mae and Freddie Mac the option to refinance at more affordable rates or more affordable payment schedules. The program is back by $75 billion in tax payer funds.

However, the billion dollar question may be “is it working?” According to a recent article on ABC News, “more than one-quarter of homeowners receiving help under a U.S. government foreclosure prevention plan are behind on their new mortgage payments.”

Proponents of the plan say it’s too early to tell and that many of the modifications are only temporarily. The key to success surely would be making the modifications permanent. However, banks it seems continue to be reluctant in making such changes.