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Los Andeles Times Reports US Foreclosures Hit Record High in 2nd Quarter 2010

16 Jul

As we’ve been saying since earlier this year, the foreclosure crisis is not over, it is just getting started in earnest – and it’s the numbers that prove it.

Rhetoric doesn’t do much when the records keep getting broken, and the homes keep going to the auction block. No matter how you spin it, this is the reality…

U.S. home foreclosures reach record high in second quarter

Bank repossessions increased 38% in the second quarter from the same period a year earlier for a record total of 269,952, according to data to be released Thursday by RealtyTrac.

July 15, 2010|By Alejandro Lazo, Los Angeles Times

  • J Pat Carter, Associated Press

The number of U.S. homes taken back by banks through foreclosure hit a record high in the second quarter, even as lenders delayed more homes from entering the process through short sales and loan modification efforts, according to data to be released Thursday.

This growing supply of lender-owned properties could set back the nation’s housing recovery but probably won’t sink it completely if the nation’s employment situation doesn’t deteriorate further and the economy begins to pick up steam, experts said. Sales of homes have faltered nationally in recent months with the expiration of government tax incentives for buyers.

 

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