Record Numbers of Homes Repossessed

Record Numbers of Homes Repossessed

Households facing foreclosure rose 16 percent in the first quarter of 2010 and the number of homes repossessed and scheduled for sale by banks rose 35 percent compared to the first quarter of 2009, according to RealtyTrac - the highest numbers since the foreclosure sales company began keeping records in January 2005.

RealtyTrac senior vice president Rick Sharga says these rising numbers were a sign that banks were unclogging the bottlenecks that have delayed the processing of homes facing foreclosure. "We're right now on pace to see more than 1 million bank repossessions this year," he says.

Here are the 10 states with the most foreclosure filings in the first quarter:

• California

• Florida

• Arizona

• Illinois

• Michigan

• Georgia

• Texas

• Nevada

• Ohio

• Colorado

Source: RealtyTrac and The Associated Press, Alex Veiga (04/15/2010)