US foreclosures hit record 2.9 mn in 2010: analyst

Posted by Daniel Jones on Jan 13, 2011 6:02:00 PM
- Thu Jan 13, 2:16 am ET

WASHINGTON (AFP) - Banks moved to repossess a record 2.87 million US homes in 2010 as the two-year-old mortgage crisis continued to weigh heavily on the economy, foreclosure specialist RealtyTrac said.

Foreclosures hit 2.23 percent of all housing units in the country, or one out of 45, an increase from 2.21 percent in 2009, RealtyTrac said in its 2010 report.

But the pace of foreclosures eased up in the fourth quarter, as banks ran into increasing legal challenges from owners angry that banks had repossessed their homes under a slipshod process...

http://news.yahoo.com/s/afp/20110113/ts_alt_afp/ushousingbanking
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