Dismal Job Market Drives Up Foreclosures

The amount of foreclosures that we have seen in the month of July grew exponentially as the difficult job market has kept homeowners from making payments.   The banks have repossessed homes at a record pace, according to RealtyTrac.   This is the second highest month of repossessions to date.   RealtyTrac states that more than 1 million homes will be repossessed this year alone.   Unemployment is a huge factor contributing to the amount of  repossessions.

The number of properties that were taken over by banks hit roughly 92,858 in the month of July ALONE!!  This was just below the highest month which was May, amounting to 93,777 homes.