Real Estate analysts from RealtyTrac Inc. are predicting that 2011 will be the height of the Real Estate crisis with an expected 1.2 million homes being repossessed. Lenders are poised to take back more homes than at any other time since the crisis began in 2006.
At this time there are 5 million borrowers who are at least 2 months behind on their house payments and in the month of December 257,747 homes in the United States received at least one foreclosure-related notice.
While the pace slowed during the last quarter of 2010 due to the banks reviewing their foreclosure processes because of allegations that they had been handled improperly, most evictions have been resumed and the foreclosure numbers are rising steadily.
The good news is that it is expected that the worst will come this year in 2011 and then things will pick up again. Whether prices will come back though is another story.