Thursday, July 16, 2009

Foreclosures rise 15% in first half of '09

"The number of U.S. households on the verge of losing their homes soared by nearly 15% in the first half of the year as more people lost their jobs and were unable to pay their monthly mortgage bills."

"The mushrooming foreclosure crisis affected more than 1.5 million homes in the first six months of the year, according to a report released Thursday by foreclosure listing service RealtyTrac Inc."

"The data show that, despite the Obama administration's plan to encourage the lending industry to prevent foreclosures by handing out $50 billion in subsidies, the nation's housing woes continue to spread. Experts don't expect foreclosures to peak until the middle of next year."

"Foreclosure filings rose more than 33% in June compared with the same month last year and were up nearly 5% from May, RealtyTrac said."

"It was the fourth-straight month in which more than 300,000 households receiving a foreclosure filing, which includes default notices and several other legal notices that homeowners receive before they finally lose their homes. Banks repossessed more than 79,000 homes in June, up from about 65,000 a month earlier."

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