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Over 1 Million Homes Expected To Foreclose In 2011

Mortgage News > Over 1 Million Homes Expected To Foreclose In 2011
Date: 01/13/2011    Over 1 Million Homes Expected To Foreclose In 2011

2011 expects to bring more of the same as far as the housing market goes, however market analysts also expect 2011 to be the peak of it’s crash. 

Realty Trac , a company that collects data such as default notices and which homes are scheduled for auction and repossession, reported out of the 2.9 million homeowners that received foreclosure notices in 2010 over 1 million of them actually lost their homes, and nearly 5 million are two months or more behind on payments.

With unemployment numbers still high and home values still sinking, the number of foreclosures is expected to reach equally high levels and remain steady through out the year.  Though the foreclosure rate is expected to remain steady at about 1.2 million homes this year Rick Sharga, Realty Trac‘s Senior VP stated "2011 is going to be the peak".  Sharga expects home values to continue to fall another 5 percent where they will finally bottom out.