Foreclosures reach new highs
Current Events, Foreclosures, Meltdown, News | (0)
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 ...
