foreclosureOver 1 million households could lose their homes to foreclosure this year as mortgage lenders process a massive backlog of delinquent loans.

Nearly 528,000 homes were taken by lenders in the first half of this year, according to a new report by RealtyTrac Inc., a foreclosure listing service. Last year, lenders foreclosed on more than 900,000 homes.

About 1.7 million homeowners got a foreclosure-related warning in the first half in the year. That represents one in 78 American homes.

If the U.S. economy doesn't deteriorate, RealtyTrac forecasts that it will take lenders through 2013 to resolve their backlog of distressed property.

Leading the foreclosure pack is Nevada, with nearly 6% of all of its housing units receiving at least one foreclosure filing. Other states rounding out the top 10 highest percentage rates were Arizona (3.36%), Florida (3.15%), California (2.54%), Utah (1.91%), Georgia (1.79%), Michigan (1.73%), Idaho (1.68%), Illinois (1.61%), and Colorado (1.40%).

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I personally think that bankruptcy is much better than foreclosure. You seem to bounce back from bankruptcy a lot faster now days. They have secured credit cards and all kinds of ways to rebuild you credit. But foreclosure is more like an event that even with recovered credit, could keep you from buying another home.

July 29 2013 at 2:20 AM Report abuse rate up rate down Reply