US Banks repossessed 1 million homes in 2010
January 13th, 2011 - 11:09 pm ICT by Aishwarya BhattNew York, Jan 13 (THAINDIAN NEWS) Last year, about 1 million homes were repossessed by banks in the United States. Analysts believe that the number is certain to go up this year.
Since the economic meltdown in 2006, most Americans are struggling to hold on to their jobs and as such keep their commitments to the bank. This has caused several people in the United States to lose their homes.
Experts are forecasting that this year is going to be the worse for those losing their homes. Already, an estimated five million Americans have defaulted their bank payments by at least two months. With the prospects of finding jobs not looking that good, some analysts believe that most of those defaulting will eventually lose their homes.
Some analysts are putting the numbers as much as 1.2 million homes. If that happens, 2011 will go down as the year where the most homes were lost since 2006 when the economic meltdown did hit.
Last year, more than 2 percent of American households made a foreclosure filing last year. The number of homes that were repossessed by the bank would have been much higher have the major banks not halted their foreclosure processes for review towards the end of the year.
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- In Excess Of 40 pct. Of American Homemakers Leave the Mortgage Aid Program - Jul 21, 2010
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- Strategic Default Outdoes HAMP Adjustments - May 10, 2010
- Bank of America to resume foreclosures from the 25th of October - Oct 19, 2010
- Americans Feel 2010 Would Have A Silver Lining, Poll Reveals - Jan 03, 2010
Tags: 1 million, american households, bank payments, banks in the united states, commitments, economic meltdown, finding jobs, foreclosure, prospects