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Friday, July 16, 2010

Foreclosures Likely to Surpass 2009 Levels

Repossessions climbed 38 percent in the first six months of 2010 compared 2009 and were up 5 percent from the first quarter, foreclosure listing service RealtyTrac announced Thursday.

In all, lenders repossessed nearly 528,000 homes in the first six months of the year. If that rate continues through the end of the year, repossessions will likely top 1 million in 2010, up 100,000 from 2009.

Historically, about 100,000 homes per year in total are repossessed, according to Rick Sharga, senior vice president for RealtyTrac.

More than 7.3 million home loans are in the foreclosure process, with one in 78 U.S. homes receiving a foreclosure warning in June.

On average, it takes home owners 15 months to actually lose their property after they receive the initial warning, reports Lender Processing Services Inc.

Source: Associated Press, Alex Veiga (07/15/2010)

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