57% Increase in Completed Foreclosures

 In real estate, Residential

Data from federal regulators show that the nations’ largest lenders repossessed nearly 187,000 homes during 3rd quarter 2010.  Foreclosure completed were up 57 ½ % from same quarter 2009 and almost 15% from 2nd quarter 2010.

The lenders reporting include: Bank of America, JPMorgan Chase, Citibank, HSBC, MetLife, PNC, U.S. Bank, Wells Fargo, and OneWest Bank (formerly IndyMac). The report covers about 64 percent of all first-lien mortgages in the country, worth $5.8 trillion in outstanding balances.

Servicers modified 1,506,025 loans from the beginning of 2008 through 2nd quarter of 2010.  At six months after modification, 20.2% modifications made in 4th quarter 2009 were seriously delinquent as compared to 33.5% made during 2nd quarter 2009.

DS News – Completed Foreclosure Up 57% From Year Ago

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