CRISISBOOM

US banks repossessed a record one million homes in 2010, and are predicted to surpass that number in 2011. RealtyTrac said about five million homeowners were at least two months behind on their mortgage payments. Among the worst hit states were Nevada, Arizona, Florida and California. Nevada had the highest foreclosure rate for the fourth year in a row, with one in 11 homes receiving a foreclosure notice. RealtyTrac said more than half the nation’s foreclosures occurred in Arizona, California, Florida, Illinois and Michigan. 2.9 million US households were subject to a foreclosure filing last year, up 1.6% from 2009. RealtyTrac’s senior vice-president Rick Sharga said: “2011 is going to be the peak.” Foreclosures slowed toward the end of 2010 amid revelations banks had improperly documented them, but the pace is expected to pick up in the first quarter of 2011.
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