Nearly 1.7 million homeowners received a foreclosure-related warning between January and June of this year. That translates to 1 in 78 U.S. homes. It is projected that more than 1 million homeowners are likely to lose their homes to foreclosure this year as lenders work through a huge backlog of borrowers who are delinquent on their mortgages. The number of households facing foreclosure in the first half of the year climbed 8 percent versus the same period last year.
According to RealityTrac Inc., nearly 528,000 homes were taken over by lenders in the first six months of 2010, a rate that is on track to exceed the approximate 900,000 homes repossessed in 2009. Nevada posted the highest foreclosure rate in the first half of the year as 1 in every 17 households received a foreclosure notice. However, foreclosures are down in the state approximately 6 percent from a year earlier.
Joshua D. Carlson, Esq.
One Response
Quite a few clients have asked lately about the new “Obama” law that was suppose to come into affect. Where the banks were to go off of the current market value, not what’s currently owed on the note. This would apply to short sales as well as foreclosures. Is this true??