Banks’ home takeovers surge 81 percent from same period in 2009
June 11, 2010
Kimberly Miller | Palm Beach Post Staff Writer
Nearly 11,000 Floridians lost their homes to bank takeover in May, a whopping 81 percent increase over the same month last year and an indication that loan modification programs are failing, some economists say.
In Palm Beach County, the number of homes lenders repossessed last month was 824, six times the amount in May 2009, according to a report the Irvine, Calif.-based company RealtyTrac released today. It’s a trend seen nationwide, with lenders taking back a record 93,777 homes in May. All 50 states reported higher numbers of bank repossessions over May 2009.
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