1 million homes repossessed in 2010

[Joanne98]

Source: CNN

NEW YORK (CNNMoney) -- Foreclosures were at a record high in 2010, and more than 1 million people lost their homes, even as notices started leveling off during the end year.

In total, there were nearly 2.9 million foreclosure notices filed during the year, according to report released Thursday by RealtyTrac. That was a record high, but just 1.7% above 2009.



Read more: http://money.cnn.com/2011/01/13/real_estate/foreclosures_2010/

[Tunkamerica]

1. At a certain point it becomes futile. The only reason the banks continue to foreclose is to

keep the illusion that there are consequences to defaulting on loans. I doubt the banks want this many distressed properties. What they want less is a mass realization that mortgages are only worth and are only as binding as what you believe them to be. As are many things in this world.

[Joanne98]

2. Good point.

[ixion]

3. This was always the goal under the pwnership society

:argh: