Banks repossessed a record one million US homes in 2010, and could surpass that number this year, figures show. Foreclosure tracker RealtyTrac said about five million homeowners were at least two months behind on their mortgage payments.
Foreclosures are likely to remain numerous while unemployment remains stubbornly high, the group said. Among the worst hit states were Nevada, Arizona, Florida and California, once at the heart of the housing boom.
Nevada had the highest foreclosure rate for the fourth year in a row, with one in 11 housing units receiving a foreclosure notice, and RealtyTrac said more than half the nation's foreclosures occurred in Arizona, California, Florida, Illinois and Michigan.
RealtyTrac said 2.9 million US households were subject to a foreclosure filing last year, up 1.67% from 2009.
US banks 'foreclosed on record 1m homes in 2010'
The parent company of TGI Fridays, the casual dining chain, has filed for bankruptcy, the company...
American employers added 254,000 jobs last month in the penultimate jobs report before the US election,...
Boeing plans to lay off about 10% of its workers in the coming months, about 17,000...
Donald Trump’s tiny social media empire has seen its extraordinary stock market rally wiped out by...
