Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

US repossessions at record high

Staff Reporter 4 minute read

By: Staff Reporter

While house foreclosures in the US have finally begun to plateau, repossessions have hit an all time high.

According to a CNN report, the number of homes repossessed in April hit an all time high of 92,432 – a 45 per cent increase on the same time last year.

If repossessions continue at this pace, more than 1.1 million homes will be lost in 2010.

Advertisement
Advertisement

Data from RealtyTrac found more and more homebuyers were voluntarily giving up their homes because the value had dropped so precipitously.

These "strategic defaults" now account for nearly one in three foreclosures – up 22 per cent from 12 months earlier.

However, the news isn’t all grim, with the number of foreclosure filings falling by 9 per cent in April.

"There were two important milestones in the April numbers that show foreclosure activity has begun to plateau, but at a very high level that will not drop off in the near future," said RealtyTrac chief executive officer James Saccacio.

Mr Saccacio said he expects the pattern to become the norm for many months, with the overall numbers of filings staying high, but not increasing, and repossessions remaining at record levels.

PROMOTED CONTENT


Nevada continues to rank as the worst-hit foreclosure state, with one of every 69 households receiving some kind of filing – six times the national rate.

US repossessions at record high
default
TheAdviser logo

The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day

default

 

more from the adviser
damian zaleski RYyr k3Ysqg unsplash

Breaking News

GetCapital launches broker platform

The business lender has rolled out a new broker platform, as it h...

fixed rate

Breaking News

Loyalty tax issue flagged to MPs

Brokers are key to holding lenders to account to ensure borrowers...

trade deal contract

Breaking News

Connective launches trail book marketplace

The aggregation group has announced a new arrangement with a spec...