U.S. Foreclosures Near Record, Peak In Late '10: Report

[Purveyor]

Source: Reuters

By Lynn Adler

NEW YORK (Reuters) - U.S. mortgage foreclosure filings in August hovered near July's record high despite broad efforts to keep borrowers in their homes and will probably rise for another year, according to a report released on Thursday.

Filings -- including notices of default, auction and bank repossession -- dipped 1 percent last month from July's all-time high and were up 18 percent in August from the same month a year earlier, real estate data firm RealtyTrac said.

"The pipeline of early stage foreclosures and delinquent loans is still probably going to overwhelm the system's ability to quickly modify" terms so struggling homeowners can make their monthly mortgage payments, said Rick Sharga, senior vice president at the Irvine, California-based company.

One in every 357 U.S. households with loans got a foreclosure filing in August.

Though lenders are moving in the right direction, Sharga said, RealtyTrac is revising up its estimate for filings this year and now expects a more prolonged foreclosure crisis.

Some 3.4 million households will get a filing this year, up from the prior estimate of 3 million to 3.2 million, and sharply higher than 2.3 million filings last year.

Read more: http://www.reuters.com/article/domesticNews/idUSTRE5890VR20090910

[ThorDem]

1. Blood for the Blood God

Skulls for the Skull Throne. Let the Reign of Chaos begin!

[Patchuli]

2. WTF?

How about feeling some pain for those displaced? No wonder the U.S. is so fucked up. It's not US anymore.

[NickB79]

3. Our local newspaper was 44 pages long this week

The foreclosure auction listings started on page 15 and ended on page 44 :puke:

[NickB79]

4. Let's not forget that 1.5 MILLION Americans will exhaust their unemployment benefits by Xmas

The trickle-down effect on our economy will be huge. Enjoy the "recovery" while you can.

[David__77]

5. Prices will surely be declining. The volume of vacant properties will be even more huge.

...

[Old Hob]

6. I believe winter will likely be the tipping point for a lot of struggling homeowners

especially in the north where heating bills can quickly add up to several thousands of dollars over the course of a cold winter. I believe this will be exacerbated by seasonal layoffs which will undermine any job creation that occured over this summer.

[jasi2006]

7. This is the biggest scandal and rip off of the public in history!

We are a corporatocracy...nothing more. Finances, media, education, and government...controlled by an evil, malicious oligarchy and they don't give a damn who they hurt.