American repossessions could hit one million as foreclosures rapidly increase.
First quarter foreclosure filings for 2010 totalled an astonishing 932,234 units.
Bank repossessions are higher compared to first quarter 2009 and are increasing.
A million bank repossessed houses may happen within the next few months.
This year's first quarter is 16 percent higher than 2009's first quarter and 7 percent higher than the previous quarter.
Realtytrac's latest report states 1 in 138 housing units received a foreclosure filing Quarter 1 2010.
This shift in the numbers pushed REOs to the highest quarterly total ever seen.
Nevada, Arizona and Florida are the top foreclosure filings states. California finally saw a decrease by 6 percent in filings and bank repossessions. Utah suffered a 75 percent increase. Ten states take up over 70 percent of the nation's total foreclosure filings total in the first quarter.
Bank repossessions made up 257,944 of the 932,234 total foreclosed filings with 46,445 units alone in California, the highest amount in the country.
American Repossessions Could Hit One Million as Foreclosures Rapidly Increase
Fri, 07 May 2010
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