Foreclosures are Up in the 2nd Quarter
In spite of all the efforts of various governmental agencies foreclosures continue to increase in the US. A combination of a weak housing market and increasing unemployment are moving more and more families into a foreclosure position. It is now about 1 in 84 households. The 2nd quarter 2009 is the highest on record in terms of the number of foreclosures. Someone please explain to me again about green shoots. From Market Watch:
U.S. properties in the process of foreclosure in the second quarter rose to a record quarterly level of nearly 890,000, RealtyTrac reported on Thursday.
The total is up 11% from the first quarter and 20% from the year-earlier period, the Irvine, Calif., online marketplace and research firm reported.
In June, properties in foreclosure totaled 336,000, exceeding 300,000 for a fourth month and driving the second-quarter total to the highest level since RealtyTrac began its survey in the first quarter of 2005.
As of June 30, nearly 1.53 million U.S. properties were subject to a default notice, auction-sale notice, or bank repossession, RealtyTrac reported.
Nearly 1.2% of all U.S. housing units -- 1 in 84 -- were subject to a foreclosure filing in the first half, RealtyTrac reported.
Despite an industrywide moratorium on foreclosures earlier this year plus legislative action and more efforts by lenders to modify the terms of mortgages, "foreclosure activity continues to increase to record levels," RealtyTrac Chief Executive James J. Saccacio said in a statement.