U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple

[dajoki]

U.S. Foreclosures Rose 53% in June, Bank Seizures Almost Triple
By Dan Levy
http://www.bloomberg.com/apps/news?pid=20601087&sid=abT98mv4UtNI&refer=home

July 10 (Bloomberg) -- U.S. foreclosure filings rose 53 percent in June from a year earlier and bank repossessions almost tripled as deteriorating property values and higher payments on adjustable mortgages forced more people to give up their homes.

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``The foreclosure problem is getting worse and will stay with us well into the next decade,'' Mark Zandi, chief economist for Moody's Economy.com in West Chester, Pennsylvania, said in an interview. ``The job market is eroding and homeowners have less equity. Lenders are much less willing to work with you if you've got negative equity, and you're more likely to give up your house if you're deeply underwater.''

About $3.5 trillion in homeowner equity has been wiped out since the spring of 2006, when housing prices were at their peak, Zandi said. Home prices fell the most on record in April, according to the S&P/Case-Shiller index of 20 U.S. metropolitan areas. June was the second straight month in which more than a quarter million properties received foreclosure filings, RealtyTrac said. Filings fell 3 percent from May.

`Faster Pace'

``The year-over-year increase of more than 50 percent indicates we have not yet reached the top of this foreclosure cycle,'' James Saccacio, chief executive officer of RealtyTrac, said in the statement. Bank repossessions, which increased 171 percent in June, are rising at a ``much faster pace'' than default notices and auction notices, he said.

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Rising mortgage defaults and auctions of foreclosed properties are adding to a glut of unsold homes and prolonging the deepest housing slump since the 1930s. Efforts by the U.S. Congress to insure as much as $300 billion in refinanced mortgages and save up to 2 million borrowers from foreclosure can work only by ``slowing down or reversing home price declines and equity deterioration,'' Credit Suisse said....

[SpiralHawk]

1. "Shock and awe, baby. Smirk." - Commander AWOL & republicon cronies

[Submariner]

2. Mortgage lender Implode-O-Meter

If ya all want to see what lenders tanked, and who are still viable, see this link I got from Huffpost.

http://ml-implode.com/

[dajoki]

3. Thanks for the list!! n/t