David Kirkpatrick

August 13, 2009

Foreclosures still on rise

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 3:54 pm

No good news from the housing sector. This is one area where there will be dissonance between the facts on the ground affecting real people and the economic pundits who tout the ongoing (real, but very slow) recovery from the financial crisis.

From the link:

The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.

Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.

Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.