Foreclosures in 2011

On average, 21.2% of single family homes have received at least one Notice of Trustee Sale indicating their home is going to auction since the beginning of 2006.  Experts are revealing that 2011 will be the worst year yet for foreclosures in the nation. It is projected that lenders will foreclose on more homes this year than any other since 2006.  About 5 million borrowers are at least two months behind on their mortgage payments and industry experts say more people will miss payments because of job losses and loans that exceed the value of the homes they live in.  In fact, one out of every five mortgagees owes more than their house is worth.  The foreclosure tracking company RealtyTrac, Inc. predicts 1.2 million homes will be repossessed this year.  Foreclosures are expected to remain elevated throughout the year, pushing home prices down even more before bottoming out....

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