US housing foreclosures at 'record high'

US foreclosure rate will hit a record one million by the end of 2010


Source: Press TV
http://www.presstv.ir/detail.aspx?id=134979§ionid=3510203


More Americans will lose their homes by the end of this year than at any other time, with the foreclosure rate hitting a record high of 1 million.

In a new all-time high, nearly one million houses are expected to go into foreclosure in the United States by the end of 2010. According to RealtyTrac, the record is ten times as many that go into foreclosure in normal economic circumstances.

RealtyTrac also reports that while month-over-month and year-over-year foreclosure filings are decreasing, the nation is heading to a record 3.2 million this year including default notices, auction sales and bank repossessions.

Last year, lenders foreclosed on more than 900,000 homes while the historic average is 100,000 annually, CBS news reported.

Economy expert Rollin Amore says part of this year's sky-high foreclosure rate is due to delay, as some banks have postponed foreclosures in hope of help to originate from the White House.

Some experts say that delayed foreclosures have created a glut in the housing market; there are too many houses for sale and not enough buyers.

The real-estate market makes up an estimated 10 percent of the US economy.