Politicz as Usual (Foreclosure Rate): Americans On Pace For 1 MILLION Foreclosures In 2010

Posted: July 15, 2010 by Marquess in Politics
Tags: ,

Seriously!!  The housing crash has really crippled our nation!  Leaving plenty of Americans in a vulnerable state.   Jobless, and homeless?!  We protect the big companies, who btw aren’t lending.   When will it end, and is the government really trying?

“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.”

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