Fewer mortgage-related firms shut their doors in 2010
Dallas, TX, United States (AHN) – According to real estate analysts, fewer mortgage-related firms closed their doors during 2010 than in 2009.
The calculations were reached by MortgageDaily.com.
Including mortgage companies, retail and wholesale credit unions and federally insured banks, 201 mortgage-related business operations either failed or were closed down during 2010. However, the numbers are smaller than 2009′s count, which stands at 230 mortgage-related fatalities. This marked the most failed businesses since the site began tracking the data in 1998.
2010 showed an improvement in the number of non-bank closures. Some 22 closures were recorded for 2010, down from the 70 during 2009 and far less than the high of 157 recorded for 2007.
Credit union casualties also numbered 22 last year. The count was up from 20 seizures and liquidations tracked in 2009.
Last year saw a rise in the failure of banks that were insured by the Federal Deposit Insurance Corp.–to 157 from the previous year’s 140.
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