From World Socialist Web Site: http://www.wsws.org/articles/2010/dec2010/fore-d31.shtml
By Patrick Martin
31 December 2010
The number of completed home foreclosures rose to 245,000 in the third quarter, according to a report from bank regulators that covers only two thirds of all US home mortgages, those held by national banks and savings & loan institutions.
The figure was reported in the quarterly mortgage report filed by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision, which regulate banks and S&Ls respectively.
The overall number of foreclosures completed in the July-September period is likely well over 300,000, making it virtually certain that total foreclosures will top one million in 2010. The total number of foreclosures in process increased to 1.2 million, up 4.5 percent from the second quarter and up 10.1 percent from the third quarter of 2009.
Newly initiated foreclosures jumped to 382,000 in the third quarter, a rise of 31.2 percent compared to the second quarter and 3.7 percent above the third quarter of 2009. The larger number of initiated foreclosures compared to completed foreclosures means that the number of foreclosures can be expected to rise sharply in the coming year.
Continue reading at: http://www.wsws.org/articles/2010/dec2010/fore-d31.shtml