This will be the largest number of seizures of housing for the debts of all-time crisis. In addition, saturation of U.S. real estate market alienated objects can reduce property prices by 5%.
The current year will be a peak in terms of alienation of the property: in the U.S. will be removed about 1.2 million homes. Reported by the Associated Press, referring to the company RealtyTrac Inc., Which tracks the notices from the banks to delay payments and information about auctions.
In the list of debtors two months ago, it was about five million borrowers. Experts suggest that in 2011 more Americans do not pay their loans because of job loss and the reason is that their loans have already exceeded the cost of the houses in which they live.
The only hope for homeowners remains a drop in mortgage interest rates, as reported last week the agency Freddie Mac. Mortgage rates calculated at 30 years old, fell from 4.77% to 4.71%. Interest on the 15-year loan dropped from 4.13% to 4.08%. Percent reduction led to a large number of refinancing loans already made, but potential buyers do not hasten to take shelter in debt.
Banks temporarily suspended their action to weaning property borrowers in September 2010, but now most financial institutions have already renewed the registration of alienation. And the results of this market will see in the first quarter of next year.
Seriously affected other states who have experienced the biggest housing boom and have already suffered the worst Nevada, Arizona, Florida and California. Also, Michigan and Illinois, are now experiencing a severe recession. Five of these states (except Nevada) were record holders of mortgage debt last year: it was there in 2010 there were more than half of all homeowners who received a notice of overdue debt on mortgages (about 1.5 million objects).