NEW YORK (AP) -- The bleakest year in the foreclosure crisis has only just begun.
are poised to take back more homes this year than any other since the
U.S. housing meltdown began in 2006. About 5 million borrowers are at
least two months behind on their mortgages and industry experts say more
people will miss payments because of job losses and also loans that
exceed the value of the homes they are living in.
is going to be the peak," said Rick Sharga, a senior vice president at
foreclosure tracker RealtyTrac Inc. The firm predicts 1.2 million homes
will be repossessed this year.
The blistering pace of foreclosures this year will top 2010, when a record 1 million homes were lost, RealtyTrac said Thursday.