This is an article from the Yahoo Finance which is very interesting. I don’t like negative news, but sometimes we need to be aware of what is happening and to consider our own financial position and how secure we are or not. We need to know that if we don’t take precautions and watch our spending, we could end up like thousands of others and be faced with a foreclosure.
Make savings whenever you can. Prepare yourself for the future.
Because ” If you don’t do different nothing will change”
Homes lost to foreclosure on track for 1M in 2010
LOS ANGELES (AP) — More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.
Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.
“That would be unprecedented,” said Rick Sharga, a senior vice president at RealtyTrac.
By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said.
The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months, but remains a crippling drag on the housing market.
The pace at which new homes falling behind in payments and entering the foreclosure process has slowed as banks continue to let delinquent borrowers stay longer in their homes rather than adding to the glut of foreclosed properties on the market. At the same time, lenders have stepped up repossession in an effort to clear out the backlog of distressed inventory on their books.
The number of households facing foreclosure in the first half of the year climbed 8 percent versus the same period last year, but dropped 5 percent from the last six months of 2009, according to RealtyTrac, which tracks notices for defaults, scheduled home auctions and home repossessions.