US Foreclosure Rate Hits 5-Year High

RealtyTrac Inc. – keepers of a database of distressed properties in the US – says that the US foreclosure rate is at a 5-year high. According to RealtyTrac, the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago, while households facing foreclosure grew 16 percent in the same period, and 7 percent from the last three months of 2009.

“We’re right now on pace to see more than 1 million bank repossessions this year,” said Rick Sharga, a RealtyTrac senior vice president. “We’re finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing.”

Source: Associated Press

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