Since the beginning of the worldwide economic downturn which began in September of 2008 the number of Americans who have been losing their homes has been increasing. 2010 may be the worst year yet. So far this year the U.S. is on pace to have over 1 million homes foreclosed upon by banks and other lending institutions which would be a new record. 2009 was the worst year so far. There were over 900,000 homes which went into foreclosure in that year. To give you an idea about where the foreclosure rate used to stand in more normal economic times in a typical year in the U.S. before the economic meltdown the number of American homes that would usually be foreclosed upon was about 100,000 a year, give or take.
Thursday, July 15, 2010
Forclosure Rates In U.S. Set To Reach Record HIgh
Since the beginning of the worldwide economic downturn which began in September of 2008 the number of Americans who have been losing their homes has been increasing. 2010 may be the worst year yet. So far this year the U.S. is on pace to have over 1 million homes foreclosed upon by banks and other lending institutions which would be a new record. 2009 was the worst year so far. There were over 900,000 homes which went into foreclosure in that year. To give you an idea about where the foreclosure rate used to stand in more normal economic times in a typical year in the U.S. before the economic meltdown the number of American homes that would usually be foreclosed upon was about 100,000 a year, give or take.
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