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.
