Mortgage companies initiated a record 3.8 million in foreclosure-related actions in 2010, including filing notices of default, scheduling auctions and home reposing homes according to new figures from RealtyTrac Inc. of Irvine, Calif.
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Compared to 2009, foreclosure-related actions rose 2% from 2009, and 23% compared to two years ago. Not all default notices result in a consumer's losing the house.
Five states accounted for 51% of foreclosure activity in 2010: California, Florida, Arizona, Illinois and Michigan.
Those states accounted for almost 1.5 million properties receiving a foreclosure filing during the year.
