RealtyTrac is a company that counts foreclosures, the legal term for bank repossessions. It says over three million Americans have lost their homes this way since two thousand six. And it estimates that three million more foreclosures are yet to come.
RealtyTrac predicts that twenty-eleven will have even more than the record one million foreclosures last year. But it says the number should start to fall next year.
Foreclosure rates have been high in states where prices rose quickly and almost anyone could get a loan. Rick Sharga is a senior vice president at RealtyTrac. He says foreclosure rates are now increasing even in places where home prices did not rise quickly and risky loans were not a problem. These include cities like Boise, Idaho, and Charleston, South Carolina.
The recession ended in June of two thousand nine. The problem now is the slow recovery from the loss of millions of jobs. In all, about four percent of American homeowners are in foreclosure -- about four times the normal rate.
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CHRISTOPHER CRUISE: To some people, a bad situation can also be a good opportunity. Home prices and mortgage interest rates are lower than they have been in many years.
Springtime is traditionally when many Americans begin looking for a home. Real estate agents hope this coming spring will be busier.
In some cities, home prices have increased, a sign of growing demand. Greg McBride is a home buying specialist and senior financial analyst with Bankrate.com. He says now may be a good time to buy a home.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25