Published: Jul 15, 2010 11:33 AM EDT
Updated: Jul 15, 2010 8:33 AM EDT

FORT MYERS, Fla- 2010 is shaping up to be a record year for foreclosures. Banks are on pace to file more than 3 foreclosures and repossess more than 1 million before it's over.

Florida, again, ranks second in the nation. 277,000 homeowners have gotten a foreclosure notice this year. That's 3% more than the first half of 2009.

James J. Saccacio, chief executive officer of RealtyTrac, says of his companies report, "The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market."

For more information from RealtyTrac go to: http://www.realtytrac.com/contentmanagement/pressrelease.aspx?channelid=9&itemid=9555