Thursday, July 15, 2010

Record Setting Year in Foreclosure

This isn't going to be good. Homes lost to foreclosure on track for 1M in 2010 - Yahoo! News
LOS ANGELES – More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.
And the real estate market is still not off the hook.
"The banks are really sort of controlling or managing the dial on how fast these things get processed so they can ultimately manage the inventory of distressed assets on the market," [Rick Sharga, a senior vice president at RealtyTrac] said.
Market manipulation? Who'd a thunk it?

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