One of 78 Houses Received Foreclosure Notices in 2010

In the second quarter, banks repossessed a record number of houses and had to artificially slow new foreclosure notices to manage the huge portfolio of distressed properties on the market. Specifically, banks took back 269,962 properties, which amounts to a 5% increase from the first quarter. Analysts say foreclosures will likely top 1 million this year. And there is more to come as banks estimate that there are over 5 million seriously delinquent loans outstanding. This is an astounding number as in a normal year, banks take back only about 100,000 houses and this year alone, they estimate the final foreclosure tally will be more than 3 million households.