The number of foreclosures on private homes continues to increase, and it shows no indication of stopping in 2010.

• Between 3 and 3.5 million houses in the U.S. are expected to go into foreclosure in 2010 (up from 2.8 million in 2009).
• Foreclosed homes are sold “as is,” so there are many potential complications and hidden costs.
• It’s typical for bank-owned homes to have electricity, gas, and water completely turned off, emphasizing the importance of buyer inspections.

Facts and Figures

• There have been more than 300,000 homes per month for 15 consecutive months that received foreclosure notices.
• An estimated 45% of adults may consider purchasing a foreclosure.
• Some banks are offering financial incentives to those buying foreclosures.

Best Quote

“We’ve plateaued at an unprecedented level of foreclosure activity.” – Rick Sharga, Senior Vice President of RealtyTrac

Tags: foreclosure, Home, loan, mortgage, real estate, recession