Current Events, Foreclosures, Meltdown, News

Foreclosures reach new highs

From the Wall Street Journal:

The number of U.S. properties for which a foreclosure filing was received hit its third record in five months as they jumped 32% in July from a year earlier and rose 7% from June, according to online foreclosure concern RealtyTrac.

Chief Executive James Saccacio said that despite continued federal- and state-government efforts to put together a safety net for distressed homeowners, “we’re seeing significant growth in both the initial notices of default and in the bank reposessions.”

As the wave of option-ARM mortgage resets begins to crest, once can expect that the pace of foreclosures will not abate anytime soon. Combined with job losses affecting prime mortgages, the forclosure picture continues to look bleak indeed.

Up, In The Corner, originally uploaded by e is for ericka [ELBfoto].

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