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Foreclosure Rates Surge: Banks Catch Up To Backlog, US On Pace To Hit 1 Million Repossessions In 2010

Business  (tags: Banks, California, Financial Crisis, Florida, Foreclosure Rate, Mortgages, Nevada, Obama, Predatory Lending, Real Estate, Realtytrac, Repossession, Subprime Mortages, Unemployment, Us Foreclosures, Wall Street, White House, Business News )

- 3322 days ago -
A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.


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Rajee Seetharam (138)
Friday April 16, 2010, 6:37 am
Noted with thanks.

Shannon G (35)
Friday April 16, 2010, 10:01 am
This article fails to point out the raise in percentage of Stratigic defaults that are on the rise. Without question we have a huge crisis on our hands in the housing market but did you know that more then a quarter of the defaults in 2009 were due to people just walking away from their homes? There is a growing industry in which professionals are teaching the benefits of walking away from their homes because of negative equity. While I am sympathetic to those who have lost their jobs or have interest rates that they cannot afford, I find little sympathy for the people who walk away from their homes because it's not a good investment anymore.

Mary Donnelly (47)
Friday April 16, 2010, 4:08 pm
Noted. Thanks.
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