Bank repossessions increased in the second quarter by 38%, compared to the same period last year. And by the end of 2010, it is likely that one million Americans will lose their homes.
The figure is cited in the LA Times, which states:
U.S. bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269,952, according to Irvine research firm RealtyTrac. That was also a jump of 5% from the previous quarter. If that pace continues through the year, the number of homes taken by banks is likely to top 1 million by the end of 2010, said Rick Sharga, RealtyTrac senior vice president.