US homes lost to foreclosure up 25 percent over last year

[Bluebear]

LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.

The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.

In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.

August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May.

http://news.yahoo.com/s/ap/20100916/ap_on_bi_ge/us_foreclosure_rates

[OhioChick]

1. People need JOBS n/t

[taught_me_patience]

2. We're working off extreme excesses of the largest credit bubble in history

[Bluebear]

3. Yes, but too bad the mortgage modification program was such a flop.

75 billion to the banks and very few homeowners helped.

[Mimosa]

4. It's scary, Bluebear

People need help now. They need jobs now.

[Bluebear]

5. Sorry, can't see reply to me

[county worker]

6. That makes sense to me. Much of the wealth that backed second and third

trust deeds was paper only. People with a mort age that used equity to borrow for other things ended up paying for the house that is now worth much less and a second that was used to buy disposable goods. Their net worth reversed itself with the bursting of the bubble. Add unemployment on top of that and you got a toxic mix.