August 23, 2010
One-million. That is a big number. According to RealtyTrac, there will be 1-million forclosures in the US in 2010. Yikes. That means 1-million families being displaced, and their lives thrown into a whirl-wind. Scary stuff.
According to the Associated Press:
RealtyTrac reported that the number of U.S. homes lost to foreclosure surged in July to 92,858 properties, up 9 percent from June. The pace of repossessions has been increasing and the nation is now on track to having more than 1 million homes lost to foreclosure by the end of the year. That would eclipse the more than 900,000 homes repossessed in 2009, the firm says.
Lenders have historically taken over about 100,000 homes a year, according to RealtyTrac.