Home Foreclosures in 2010 Top 1 Million for First Time

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Banks foreclosed on 69,847 properties in December, bringing the year’s total to 1.05 million, topping the prior record of 918,000 homes seized in 2009, real estate data firm RealtyTrac said. The number of foreclosure filings, which includes default notices, auctions and repossessions, was a record 2.9 million last year, including 257,747 filings in December.

o Most have first-time loans, and most loans are less than three years old. o They may have already refinanced two or three times. – Homeownership Preservation Foundation data of 60,000 homeowners Lenders and Foreclosure Lenders and investors do not make money on foreclosures. Losses range from 20 cents to 60 cents on the dollar.

The firm tracks notices for defaults, scheduled home auctions and home repossessions warnings that can lead up to a home eventually being lost to foreclosure. Job loss, rather than time-bomb. took.

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The report also said that the market for $1 million-plus homes in the Stamford area shrank by 20.5 percent when comparing the first half of 2012. to the report had the highest foreclosure rate in.

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The report followed findings by First American CoreLogic, a real estate information firm, that the number of foreclosed homes about to go on the market has reached 1.7 million.

Foreclosures Set to Hit 1 Million Mark in 2010. 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.

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