More than 1 million U.S. consumers have lost their homes to foreclosure since the end of 2008, according to new figures compiled by RealtyTrac, Irvine, Calif. About a fifth of those foreclosures occurred in California, according to figures from MDA DataQuick. Experts believe that unless loan modifications are more successful, that four- to five-million more could lose their homes over the next five years. According to a report in The Orange County Register, quoting RealtyTrac information, banks took title to 918,376 REOs nationwide in 2009, a 6.6% increase from 2008, when 861,664 U.S. homes were lost to foreclosure. In January, the latest month for which figures are available, banks took control of 87,648 REO units nationwide.
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