Foreclosures Likely To Increase This Year

Irvine, CA, Jan. 14, 2010--A record 2.8 million households were threatened with foreclosure last year, according to RealtyTrac Inc.

The firm said that number will likely increase this year as more unemployed  homeowners fall behind on their mortgages.

The number of households that received a foreclosure-related notice rose 21 percent from 2008, RealtyTrac said. One in 45 homes received a filing, which includes default notices, scheduled foreclosure auctions and bank repossessions.

In December, more than 349,000 households received a foreclosure-related notice. That represents a 14 percent increase from November and a 15 percent jump from December 2008.

Banks repossessed more than 92,000 homes, up 19 percent from November.

The foreclosure crisis isn't letting up. Between 3 and 3.5 million homes are expected to enter some phase of foreclosure this year, said Rick Sharga, senior vice president of Irvine, Calif.-based RealtyTrac, which began tracking the data five years ago.