Moral Low Ground

Economy

Banks Repossess 1 Million Homes in 2010; This Year Expected to be Worse

Bye, bye baby. (Photo: Jeff Turner)

Banks and mortgage lenders repossessed a shocking 1 million US homes in 2010. Some 2.9 million homeowners received foreclosure filings; that’s 1 out of every 45 homes in America. But as bad as that sounds,  things are going to get worse in 2011. Around 5 million borrowers are at least two months behind on their mortgage payments and with job losses and falling real estate values, many of these folks will lose their homes.

“2011 is going to be the peak,” Rick Sharga, senior vice president at foreclosure tracker Realty Trac Inc told the Associated Press. The company predicts that 1.2 million homes will be repossessed this year.

Last month, 257,747 American homes received a foreclosure-related notice. Believe it or not, that’s represents a dip as more cautious banks reviewed their foreclosure procedures in the wake of revelations that banks were improperly evicting homeowners behind on their mortgages. But the pace will pick up again.

The worst-hit states in the foreclosure crisis have been once-booming Nevada, Arizona, Florida and California as well as rust-belt states hard-hit by the economic crisis like Michigan and Illinois. In Nevada, a staggering 1 out of every 11 households received a foreclosure filing in 2010; 1 out of every 17 did in Arizona and 1 out of every 18 in Florida.

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