Fox News
More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.
Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.
This isn't going to be ending anytime soon. We have a whole other set of subprime mortgages yet to reset at their higher interest rates and commercial real estate is soon to take its largest hit. And yet the economy is "recovering".
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