Foreclosures goes up again in July - 55 percent higher than Last Year

Foreclosures goes up again in July - 55 percent higher than Last Year

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[Best Syndication News] There are 272,000 homes that have received at least one foreclosure-related notice in July across the United States. This is up by 55 percent than a year ago for the same month with 175,000 notices going out. Compared to June 2008 it is an 8 percent increase in foreclosure notices. This data was released by RealtyTrac Inc.

An estimated one out of every 464 households in the United States have received a foreclosure notice last month. In July there were 77,000 properties that banks reposed nationwide, with Nevada, California, Florida, Arizona, Ohio, Georgia, and Michigan at the highest rates.

Housing sales are also slow and in conjunction with these new stricter lending criteria it is making it more difficult to find qualified buyers. With a glut of houses not selling and falling housing prices many are being forced into foreclosure because they are not able to sell their home soon enough. The inability for a home lender to find a refinance deal to consolidate a home equity loan is also causing foreclosures. Home equity loans are also being suspended, not due to delinquency, but because the banks are not willing to lend on the homes equity any longer, or are not financially able to.

RealtyTrac reported that there is currently over 750,000 foreclosed homes that are up for sale. Now they have a glut of foreclosed homes on the market, individuals are not able to buy. This has caused great price reductions in real estate in hopes of selling some of the inventory that the banks own.

President Bush signed legislation last month that is supposed to help prevent the foreclosure from occurring by making it possible for the individuals to refinance with a more affordable loan. But this is only good if the lender agrees to take the loss on the loan that the individual is foreclosing on. It is estimated that the new legislation might help around 400,000 homes from avoiding foreclosure. Just because they may get a lower cost loan doesn’t mean that they won’t default at a later date. The government is estimating that 35% of those helped will default after refinancing.

By Marlene Donor
Best Syndication News Writer

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