Home Foreclosures in 2010 Top 1 Million for First Time

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US home foreclosures on all-time high.. with more than 3.2 million US homes in some stage of foreclosure.. Foreclosure auctions were scheduled for the first time on about 147,000 properties.

A mortgage is a loan in which your house functions as the collateral.. home), which you must pay back — with interest — over a set period of time.. mortgages (ARMs), loans with an even lower initial interest rate that adjusts or. full-on repossessions, which are expected to reach 1 million homes in 2010 [source: Veiga].

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More bad news for those facing tough financial times: mortgage foreclosures are likely to top the one million mark in 2010. As The Associated Press reported in the last week, "Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac.

Foreclosure Filings on Track to Hit 3 Million Homes. Repos Expected to Reach 1 Million in 2010. of 2010 there were foreclosure filings on 895,521 properties, down from 932,234 in the first.

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