Report Forecasts Over 1 Million Foreclosures in 2010

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foreclosureOver 1 million households could lose their homes to foreclosure this year as mortgage lenders process a massive backlog of delinquent loans.

Nearly 528,000 homes were taken by lenders in the first half of this year, according to a new report by RealtyTrac Inc., a foreclosure listing service. Last year, lenders foreclosed on more than 900,000 homes.

About 1.7 million homeowners got a foreclosure-related warning in the first half in the year. That represents one in 78 American homes.

If the U.S. economy doesn't deteriorate, RealtyTrac forecasts that it will take lenders through 2013 to resolve their backlog of distressed property.

Leading the foreclosure pack is Nevada, with nearly 6% of all of its housing units receiving at least one foreclosure filing. Other states rounding out the top 10 highest percentage rates were Arizona (3.36%), Florida (3.15%), California (2.54%), Utah (1.91%), Georgia (1.79%), Michigan (1.73%), Idaho (1.68%), Illinois (1.61%), and Colorado (1.40%).
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