US home foreclosures hit 2.9 million: Report

A total of 1.05 million homes were seized last year

Source: Press TV
http://www.presstv.ir/detail/159965.html


A recent real estate report reveals that 2.9 million homes went into foreclosure during 2010 in the US, while banks seized over one million homes.

RealtyTrac Real Estate data firm reported that a total of 1.05 million homes were seized during the past year, outnumbering the 2009 record of 980,000 homes.

The statistics also showed that 2.9 million houses went into foreclosure in 2010.

RealtyTrac has predicted that the number of US homes to be foreclosed in 2011 will increase by 20 percent.

In 2010, the three states of Nevada, Arizona and Florida had the highest foreclosure rates with 9 percent, 8 percent, and 5.5 percent respectively.

The three states have joined one another in challenging lenders' loan documentation and management processes.

"Total properties receiving foreclosure filings would have easily exceeded three million in 2010, had it not been for the fourth quarter drop in foreclosure activity -- triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings," RealtyTrac chief executive James Saccacio said in a statement.

The chief executive predicted that an estimated 250,000 foreclosures held up in the fourth quarter would restart in early 2011.