RealtyTrac reports that with 528,000 foreclosures in the first half of 2010, it is likely that more than one million American homeowners will lose their homes to foreclosure by the end of the year.
If true, that number will be 10 percent above the number of foreclosures in 2009, a number that a RealtyTrac executive Rick Sharga called “unprecedented.”
Although foreclosure notices have declined in the past three months, Sharga said that this is due to lenders managing the rate of how fast foreclosures are processed so they can better manage their inventories of foreclosed properties.
According to Lender Processing Services, it takes approximately 15 months for a home loan to go from one month late to that property being foreclosed and sold.
With that rate it mind, Sharga says it could take lenders as long as three years just to deal with their current inventory of foreclosures.
For the full report, go here.