Report: Nearly 1M bank foreclosures in process

Nearly 1 million homes nationwide are in the process of foreclosure, according to a U.S. Department of the Treasury report covering banks and loan servicers that make up 64 percent of all outstanding mortgages. As of June 30, there were 992,554 homes in the process of foreclosure, up 15.3 percent from March 31 and up 79.4 percent from the same period a year ago. While the rock-bottom sales of foreclosed properties are dragging real estate prices down, what’s on the market now is the just tip of the iceberg. The report said that 106,007 foreclosures were completed as of June 30. For every bank-owned property, there were nine more homes in the process of foreclosure. There were 23,102 short sales in the second quarter, up 34.8 percent from the first quarter.

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