WKYT | Lexington, Kentucky | News

Foreclosures could reach seven figures

LOS ANGELES (AP) - The number of foreclosures this year is on track to top one million.

The head of a firm that follows foreclosures says that would be unprecedented -- breaking last year's level of more than 900,000.

RealtyTrac Inc. says almost 528,000 homes were taken over by lenders during the first six months. By contrast, lenders historically have seized about 100,000 homes a year.

Experts say the prospect of lenders taking over more than a million homes in 2010 is likely to push housing values down.

A new wave of foreclosures could be coming in the months ahead, especially if the unemployment rate remains high, mortgage-assistance programs fail, and the economy doesn't improve fast enough to lift home sales.

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