Dismal Job Market Drives Up Foreclosures

An Astronomical Number of Repossessions is the Efficacy of a Difficult Job Market

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.

http://rizzihomes.com/wp-content/uploads/2010/01/bank_repo2.jpg

Foreclosure activity has risen in the past month, taking into consideration notice of defaults, scheduled auction and repossessions.  In July action was forced on 325,229 properties, with one in every 397 housing units getting a foreclosure filing!!! Housing recovery!!?? I don’t think so…

Comments

2 Comments on "Dismal Job Market Drives Up Foreclosures"

  1. Darryl Coleman on Thu, 12th Aug 2010 3:45 pm 

    Great Blog post. I am going to bookmark and read more often. I love the Blog template

  2. Tony Orlando on Thu, 12th Aug 2010 4:00 pm 

    Where did you get your blog layout from? I’d like to get one like it for my blog.

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