Banks repossess US homes at record pace -RealtyTrac

NEW YORK, July 15 Thu Jul 15, 2010 12:01am EDT

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NEW YORK, July 15 (Reuters) - Banks repossessed a record number of U.S. homes in the second quarter, but slowed new foreclosure notices to manage distressed properties on the market, real estate data company RealtyTrac said on Thursday.

The root problems of job losses and wage cuts persist, making a sustained U.S. housing recovery elusive.

Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report.

Repossessions will likely top 1 million this year.

"The underlying conditions haven't improved," RealtyTrac senior vice president Rick Sharga said in an interview.

The housing market still grapples with "unemployment, economic displacement in general, and still sits on over 5 million seriously delinquent loans that in all likelihood will at some point go into foreclosure," he said.

In 2005, the last "normal" year in housing, Sharga said, about 530,000 households got a foreclosure notice and banks took over a comparatively minuscule 100,000 houses.

This year more than 3 million households are likely to get at least one foreclosure filing, which includes notice of default, scheduled auction and repossession, Irvine, California-based RealtyTrac forecasts.

In the first half of the year, foreclosure filings were made on 1.65 million properties. That was down 5 percent from the last half of 2009 but up 8 percent from the first half of last year.

One in every 78 households got at least one foreclosure filing in the first six months of this year.

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Comments (22)
jnsesq wrote:
Actually, Bram, the Blamer-in-Chief was referring to the banks’ summer of recovering their collateral.

Jul 15, 2010 9:30am EDT  --  Report as abuse
mikedudical wrote:
There has never been a time in recorded history with this many repossessions (i.e. Until the job market recovers it will only get worse. Who can get a loan these days let alone pay one without a job?

Jul 15, 2010 9:40am EDT  --  Report as abuse
jmlandry wrote:
Globalist Bankers=FRAUD.

They get bailed out when the market drops, sell counties, cities, unions junk derivatives, then re-lend them more fiat money to save the day.

The new banking reform bill was written by the bankers and accelerates the pace of small bank closures, can you say corporate fascism?

Look at resource rich Africa. Rand corp has hijacked their gold mining and DeBeers have stolen their diamond. Meanwhile the peasants eat dirt. Globalist bankers- the true enemy.

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. -Thomas Jefferson

Jul 15, 2010 9:53am EDT  --  Report as abuse
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