Report: Final-stage foreclosures to reach 6 million by 2014

Final-stage foreclosures are expected to reach 6 million by 2014.According to one financial expert, the number of final-stage foreclosures within the U.S. is expected to reach 6 million by the end of 2014.From 2005 to 2010, 3.75 million American homes have been foreclosed, many a result of the weakened economy and subsequent housing market crash, wrote investment advisor Andrew Butter in a post for EconMatters. The average American household has 2.3 people, meaning nearly 8.5 million Americans have been affected by foreclosures during the last five to six years.The number of days to complete the foreclosure process increased during 2010, jumping from 151 in 2007 to 400 last year. Using this stat, Butter predicted the 6 million foreclosure figure by 2014, meaning that the country is currently more than halfway to this figure already. This could, perhaps, be a sign of improvement.In Houston, the foreclosure rate in April was the lowest in 40 months, dating back to late 2007 and early 2008. In all the total number during the month was 219,258, which is down 9 percent month-over-month and 34 percent year-over-year, according to RealtyTrac.As this number continues to improve, and the unemployment rate in the region decreases, the Houston real estate market could experience significant gains soon.?Courtesy of 2M Realty News

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