| Submit your comments on this article |
| Economy |
| Foreclosure Rates Set New U.S. Record |
| 2010-04-16 |
| A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report. RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009. More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said. "We're right now on pace to see more than 1 million bank repossessions this year," said Rick Sharga, a RealtyTrac senior vice president. Foreclosures began to ease last year as banks came under pressure from the Obama administration to modify home loans for troubled borrowers. In addition, some states enacted foreclosure moratoriums in hopes of giving homeowners behind in payments time to catch up. And in many cases, banks have had trouble coping with how to handle the glut of problem loans. |
| Posted by:Fred |
| #1 Mrs. Bobby has been a realtor in northern Virgina for four years now, and not particularly good years. But in our little part of the DC 'burbs, there is no inventory, and few sales that are not foreclosures or "short sales". Most of her clients are inbound military. But our peak period of foreclosures seems to have passed. |
| Posted by: Bobby 2010-04-16 12:24 |