2011 to Hit Foreclosure Record - Three Need-to-Knows for Foreclosure Buyers

A foreclosure sign - foreclosure buyers
A foreclosure sign - foreclosure buyers

Economists say the recession ended in mid-2009. Yeah, I know. But the American public has never really bought that line, especially when it comes to the real estate market. In fact, a December study showed that 58% of American adults actually think it will be 2012 or later before the housing sector truly begins to heal.

In this case, popular sentiment seems to back up the latest news from Realty Trac, a company that tracks foreclosure activity, which yesterday announced that more than 5 million Americans are now two months or more behind on their mortgage payments, setting the stage for a record high foreclosure rate this year. One million homes were repossessed by mortgage lenders in 2010, but 2011 is already on track for a projected 1.2 million foreclosures. "2011 is going to be the peak," said Rick Sharga, Realty Trac Senior Vice President.