Despite the fact that the rate of foreclosures in the US has dropped, repossession numbers are still extremely high.
A recent report by CNN states that 92,432 homes were repossessed across US during April 2010. This number represents a 45% increase on repossessions this time last year.
If the rate of home repossessions remains the same, over 1.1 million homes will be lost in 2010.
Data from RealtyTrac found more and more homebuyers were voluntarily giving up their homes because the value had dropped so greatly.
These calculated defaults are responsible one in three foreclosures – up 22 per cent from 12 months earlier.
However, the news isn’t all grim, with the number of foreclosure filings falling by 9 per cent in April.
“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau, but at a very high level that will not drop off in the near future,” said RealtyTrac chief executive officer James Saccacio.
Mr Saccacio said he expects the pattern to become the norm for many months, with the overall numbers of foreclosures staying high, but not increasing, and repossessions remaining at record levels.
Nevada is still the worst state for repossessions, with one of every 69 households receiving some kind of filing – six times the national rate.