Foreclosures poised to hit three million this year

By: Associated Press
By: Associated Press

Wednesday, December 8, 2010

SAN FRANCISCO (AP) -- RealtyTrac says the U.S. is still on pace to see more than 3 million households receive some sort of foreclosure notice this year. That would set yet another record from last year's all-time high of 2.8 million.

Spokesman Rick Sharga says unemployment remains stubbornly high and there's likely to be one new foreclosure action for every 6 to 10 jobs that are lost.

That said, realtor Carol Greco of Long & Foster Realtors in the greater Washington area, says there are some tremendous opportunities out there for prospective home buyers.

She also foresees little movement in home values in either direction.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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