1 million American Households may Lose their Homes to Foreclosure in 2010!
Worried about your home? Think you might be on the brink of foreclosure?
You’re not alone. This holds true for a huge number of households in the United States. In fact, more than 1 million American households are likely to lose their homes to foreclosure in 2010 – a number that has been estimated by lenders who have been working on getting through the backlog of people who have missed, fallen behind, or stopped making payments towards their home loans.
We’ve entered the second half of the year already, and the foreclosure problems are hardly behind us. According to RealtyTrac Inc., a foreclosure listing service, 2009 saw a total of about 900,000 homes being foreclosed upon. If you winced at that number, you’re in for a bigger surprise! The first half on 2010 alone has recorded a whooping 528,000 homes that were taken over by lenders – which is eight percent more than it was last year. With another five months for the year end, these numbers only seem to escalate further.
Overall, foreclosure-related notices were sent to about 1.7 million homeowners in the first half of 2010, which equated to one in every 78 homes in the United States!
Having said that, many financial institutions are using active measures to regulate the current situation. New delinquent payers are not facing foreclosure just yet. Banks have started letting people stay at their homes for an extended period of time to avoid the surge in the number of foreclosures that hit the market. On the other hand, lenders have been working hard to reach out and clear all the backlog of bank-owned properties on the list.