Banks repossess 1 million homes in 2010 -, GA News Weather & Sports

Banks repossess 1 million homes in 2010

Source: CNN Source: CNN

NEW YORK (AP) - Banks took back more than 1 million homes from delinquent borrowers in 2010 and this year likely will be worse.

Foreclosure tracking firm RealtyTrac says last year's total bank repossessions was the highest annual tally of properties lost to foreclosure on records dating back to 2005.

A record high 2.9 million homes received a foreclosure filing last year, or one in 45 U.S. households. That's up 1.67 percent from 2009.

Industry analysts expect foreclosures to peak this year as lenders move through a backlog of 5 million delinquent loans and more people fall into trouble because of job loss or other economic troubles.

The number of households receiving a filing in December fell to the lowest level in 30 months as banks reviewed their foreclosure practices.

Copyright 2011 by The Associated Press. All Rights Reserved.

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