Home Reposessions at Record High

Bank repossessions were at a record high in Q2, according to RealtyTrac. Reuters has more:

Banks took control of 269,962 properties in the second quarter, up 5 percent from the prior quarter and a 38 percent spike from the second quarter of last year, RealtyTrac said in its midyear 2010 foreclosure report. Repossessions will likely top 1 million this year.

“The underlying conditions haven’t improved,” RealtyTrac senior vice president Rick Sharga said in an interview. The housing market still grapples with “unemployment, economic displacement in general, and still sits on over 5 million seriously delinquent loans that in all likelihood will at some point go into foreclosure,” he said.

In 2005, the last “normal” year in housing, Sharga said, about 530,000 households got a foreclosure notice and banks took over a comparatively minuscule 100,000 houses.

One in every 78 households got at least one foreclosure filing in the first six months of this year.

Anybody still questioning the double dip?

  • RJ

    Do you think it’s good time to buy a house?