July 15, 2010

How much worse can it get! Banks repossessed a record number of U.S. homes in the second quarter of this year said real estate data company RealtyTrac on Thursday.

The United States is suffering from job losses and wage cuts making a housing recovery next to impossible.

“The underlying conditions haven’t improved,” RealtyTrac senior vice president Rick Sharga said in an interview. The housing market still grapples with “unemployment, economic displacement in general, and still sits on over 5 million seriously delinquent loans that in all likelihood will at some point go into foreclosure,” he said.

Banks took control of a staggering 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report.

The report also says this year more than 3 million households will probably receive some sort of foreclosure filing, which includes notice of default, scheduled auction and repossession.

Claiming first place on the U.S. foreclosure charts is Nevada where one in seventeen (6%) of homes received at least one foreclosure filing. A total of 64,429 Nevada properties received a foreclosure filing from January to June. Second place went to Arizona, one in thirty (3.36%) and third place to Florida, one in 32 (3.15%).

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