And this year will be even worse
(NEWSER) - Banks repossessed a little more than a million homes last year, a record high, according to the latest report from RealtyTrac —and that’s despite a sharp drop off in the fourth quarter thanks to the robo-signing scandal . Next year will likely be even worse, one RealtyTrac exec tells NPR , forecasting 1.2 million repossessions. What’s worse, banks are repossessing homes faster than they can sell them, building a backlog that won’t clear until around 2013. More»
