Banks repossessed a record one million US homes in 2010, and could surpass that number this year, figures show. Foreclosure tracker RealtyTrac said about five million homeowners were at least two months behind on their mortgage payments.
Foreclosures are likely to remain numerous while unemployment remains stubbornly high, the group said. Among the worst hit states were Nevada, Arizona, Florida and California, once at the heart of the housing boom.
Nevada had the highest foreclosure rate for the fourth year in a row, with one in 11 housing units receiving a foreclosure notice, and RealtyTrac said more than half the nation's foreclosures occurred in Arizona, California, Florida, Illinois and Michigan.
RealtyTrac said 2.9 million US households were subject to a foreclosure filing last year, up 1.67% from 2009.
US banks 'foreclosed on record 1m homes in 2010'
The board game Monopoly has always taught some important economic lessons: The benefits of owning real...
Before Sayuri Tsuchitani became an entrepreneur, she spent two decades on her feet: cutting, coloring and...
For his work chairing the US Federal Reserve, Alan Greenspan, who has died aged 100, was...
Soaring gasoline prices, triggered by the U.S. war with Iran, have pushed inflation to its highest...
