Homes lost to foreclosure on track for 1M in 2010

[Omaha Steve]

Source: AP

By ALEX VEIGA

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.

Read more: http://apnews.excite.com/article/20100715/D9GV9GLO0.html

[happygoluckytoyou]

1. see.... at least we are on track.... which is a good sign for any project

[BootinUp]

2. Foreclosures fall 5%

Source: CNNMoney

NEW YORK (CNNMoney.com) -- The foreclosure plague seems to have reached its peak and started to fade, but the recovery is still fragile.

The number of foreclosure filings of all types -- including notices of delinquency, auction notices and repossessions -- fell during the first six months of 2010, according to RealtyTrac, the online marketer of foreclosed properties.

There were 1,654,634 properties with foreclosure filings, a 5% decline compared with the previous six months. That equates to 1 out of every 78 homes being at risk.

Unfortunately, the pace of bank repossessions quickened, with nearly 270,000 homes lost to foreclosure during April, May and June, a 5% increase over the three winter months.

Read more: http://money.cnn.com/2010/07/15/real_estate/foreclosures_level_off/index.htm?source=cnn_bin&hpt=Sbin

[HCE SuiGeneris]

3. Seems to be conflicting info...

Source: AP

By ALEX VEIGA

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.

Read more: http://apnews.excite.com/article/20100715/D9GV9GLO0.htm...

[DCBob]

4. Not really..

"The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months"

[Donnachaidh]

10. how, pray tell, can a SURGE be equated with a LEVELING OFF?

What a massive SURGE of SPIN. The kind one needs to remove with a pitchfork. :sarcasm:

[Moosepoop]

14. I think there's some confusion between foreclosure filings

and actual home repossession.

Foreclosure filings include repossession, but also cover notices of delinquency and auction notices.

The number of filings of all these types combined is down 5% in the first six months of 2010 compared to the last six months of 2009. That's the "leveling off" that was referred to.

The sheer volume of proceedings initiated last year created a huge backlog of cases that didn't get completely foreclosed on until this year. So actual repossessions are going up, as the backlog gets processed.

[girl gone mad]

12. This from the same clowns who swore up and down there was no bubble in the first place.

Take it with a big grain of salt.

[DCBob]

13. And where are the clowns who insisted this forecloser issue would spiral out of control..

and result in something worse than the original economic collapse?? I think that was supposed have happened by now.. so said the clowns.

[girl gone mad]

16. Sorry, I don't speak jibberish.

No clue what you're on about.

[DCBob]

17. hehe.. guess you dont read much around here..

;)

[Orrex]

5. Well, wait a few months until the unemployed start stumbling again

That'll snap the numbers right back into shape.

[earthside]

6. On the other hand ...

... a different view of reality.

U.S. home foreclosures reach record high in second quarter - L.A. Times

U.S. homes repossessed by banks set to hit record 1 million this year - Washington Post

U.S. properties targeted for foreclosure rose 8% in first half - Market Watch

http://www.reuters.com/article/idUSNLLEIE69820100715">Banks repossess US homes at record pace: RealtyTrac - Reuters

[TheWatcher]

7. Only The Feel Good Propaganda is Reality.

Everything Else Doesn't Exist.

We now return you to "Pravda Place", Already In Progress.

[Paper Roses]

8. How the heck are we ever to keep all this straight?

First it is then it isn't. Back and forth. If we read one article, we are led in one direction of thought. Read 2 that are opposite and we can only shake our heads.
So, is it up or down?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4465602

[Donnachaidh]

11. because many of *these* reports are massively spun

It's quite amazing really. The shell games have become a regular feature in reporting the numbers.

[No Elephants]

9. Many, many bankers, brokers, appraisers, rating agency employees, lawyer and accountants should be

sued, if not jailed, along with more than a few politicians and employees of Freddie and Fannie.

How these people sleep is beyond me.

[Dawgs]

15. I love President Obama, but he should have addressed this problem.

It became way too easy for people to walk away from their mortgages. This hurt anyone that owns a home.

I'm disappointed he didn't take a stronger stand on this problem, and come up with a solution that actually worked.