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‘Cooling off’ finished, so foreclosures hit a record - Metro US

‘Cooling off’ finished, so foreclosures hit a record

U.S. banks are back in the real estate business like never before as a record number of homes were forfeited into their control in the first quarter of the year, according to industry group RealityTrac.

The first three months of 2010 saw more U.S. foreclosures than any quarter since January 2005 — when RealityTrac started recording housing data.

“We’re right now on pace to see more than 1 million bank repossessions this year,” said RealtyTrac senior vice president Rick Sharga. “We’re finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing.”

Foreclosures had tapered off last year in response to pressure from President Obama, but it seems the happy trend has now lost considerable ground.

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