According to entry written by Alex Veiga, foreclosed houses in America are on track for One Million (yes – 7 zeros) for 2010! Again – 1 million foreclosed houses!!

Financial lenders are working their way through huge back-log of delinquent mortgage holders. Not all of those will necessarily end up foreclosed houses, but many probably will. So far this year over half a million foreclosed houses in the US. If that pace continues we will surpass the 900k foreclosed houses in 09 (according to Realty Track).

Just to put this in perspective in the past, a figure nearer 100,000 foreclosed houses /year has been the average.

One aspect of this crises making it even more difficult for families to cope – is that many lenders are refusing to refinance loans in order to provide lower payments and rates. It can take around 15 months for a loan to progress from 30 days overdue to ultimately being sold and joining the ranks of foreclosed houses in America. So in a lot of cases – just a little cooperation and compromise on the part of the lender could mean the difference between losing everything and hanging on to survive the storm.

Here is another staggering figure. Around 1,700,000 mortgage holders have received notices warning of foreclosure in the first 6 months of 2010 – one of many steps in the foreclosure procedure. That figure amounts to 1 in 78 homes in America!

Again 1 in 78 homeowners have received foreclosure warning notices from their lender!! Just wow! Scary stuff.

Lets hope the government can find a way to force our lenders to work with struggling home owners more efficiently and at least stem the tide of these foreclosed houses which are becoming more and more of a strain on the entire economy.

Needless to say, whatever help we can get in the form of government intervention and “pressure” on our lending institutions, it seems likely, to me anyway, that downward pricing pressure will be with the housing market for quite some time to come.