Is La Quinta on track to see a surge in home repossessions this year? RealtyTrac, Inc., a foreclosure listing service has said nearly 528,000 homes were taken over by lenders in the first six months of 2010, a rate they say is on track to surpass the more than 900,000 home repossessed in 2009.
RealtyTrac also predicts more than 1 million American households are likely to lose their homes to foreclosures this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans. By comparison, lenders have historically taken over about 100,000 homes a year.
Although banks have allowed delinquent borrowers to stay longer in their homes they are stepping up the process in order to clear out the backlog of distressed inventory.