June home foreclosures up 53 percent

[Joanne98]

Source: Reuters

NEW YORK (Reuters) - Home foreclosure filings jumped 53 percent in June from a year earlier, although they were down 3 percent from May, and foreclosures are expected to rise further, real estate data firm RealtyTrac said on Thursday.

Foreclosure filings rose on an annual basis in 39 states to a total of 252,363 properties during the month, with Nevada, California, Arizona and Florida posting the highest foreclosure rates.

One out of every 501 U.S. households received a notice of default, auction sale or bank repossession in June, RealtyTrac said.

"June was the second straight month with more than a quarter million properties nationwide receiving foreclosure filings," said James J. Saccacio, chief executive officer of RealtyTrac. "We have not yet reached the top of this foreclosure cycle."



Read more: http://www.reuters.com/article/topNews/idUSN0945481320080710

[David__77]

1. I'm not ashamed to be a renter.

In times of financial uncertainty, I like my financial commitments kept to a minimum. I just found out I have to shell out $2,000 for my car, the last thing I need is to be house poor!!

[uncle ray]

4. i'm a renter too, no shame at all.

but it's still scary. i've already endured the expense of moving once because my previous landlord was foreclosed on. i'm not much more confident in this landlord.

[FunkyLeprechaun]

9. I prefer to be a homeowner

But I can see why renting can be more appealing. My last LandLord was horrible which is why I'm put off renting for a while, never going to rent again.

[dazzlerazzle]

2. presidential legacy foreclosures and bankruptcies

Trying to find something that worked during the last eight years is hard work.

[liberal N proud]

3. The contractors and home builders are starving

If you have the money to do it, now is the time to make home improvements

I am having a new HVAC unit put in today. Purchased it yesterday assuming it would be a week or more before they could do installation.

I made appointments with several contractors. One company, the owner made the house call. He was doing everything he could to get the sale. He included all kinds of extras and when he said he could do the job on Saturday, he made the sale.
He called back this morning and said he could do the job today. Better yet.
My wife just had back surgery and is laid up and we need the AC so she is comfortable.

This contractor said usually they have 30 units to install in the month of July, we are his first for the month. He is starving.

[agincourt]

5. We may be facing an economy so bad,

that for the first time in years the media-pigs will have no influence. Just like during the depression, people with want the rich ass-hole sucking RePigs out, hell or high water.

[Virginia Dare]

6. Yep. The media is slowly but surely marginalizing itself..

when people turn on the teevee and hear "there is no recession, everything will be just fine", it's laughable to say the least. It's kind of like all of that "turning the corner in Iraq" happy horse shit we keep hearing.

[daggahead]

7. The right wing crazies ...

claim that this is the fault of the people that signed a mortgage on a house they couldn't afford.

Yeah ... :shrug:

[Richard Steele]

8. K&R

[FunkyLeprechaun]

10. It's not the people who couldn't afford the mortgage

It's the idiotic lenders who gave them to the people who couldn't afford it in the first place.

In the UK, there's measures put in to make it harder to get a mortgage. A first time buyer must save at least their year's earnings of wages to put down a deposit for a mortgage. That's a LOT of money.

I bought my house for 5% deposit last year (and we made sure that we could afford it). Mortgage lenders now require people to buy their house at 20% deposit.

[customerserviceguy]

11. It will certainly get worse

when the end of the summer's figures hit (about October) and comparing to 2007.

[Radio_Lady]

12. Holy crap! Try this web site -- put in your ZIP code:

www.foreclosure.com

One home is right around the corner from us -- one of five homes on a cul-de-sac!

You have to pay to get the actual addresses, but I figured that one out using Zillow.com, where the room sizes and square footage matched.

I can't believe how many of my neighbors are up shit creek without a paddle.
I'm just sickened.

That is all.

[karynnj]

14. Wow -

Here's a You tube I just saw of Senator Kerry speaking of the impact of this in a really informal interview with a MA paper. (It's a series of clips - the housing part is about 1:25.)

[Canuckistanian]

13. Thanks, "Foreclosure Phil"

Your 'Enron loophole' is a gift that keeps on giving.