U.S. Foreclosures Rise 55%, Bank Seizures Reach High

U.S. Foreclosures Rise 55%, Bank Seizures Reach High

www.bloomberg.com

Aug. 14 (Bloomberg) -- Banks repossessed almost three times as many U.S. homes in July as a year earlier and the number of properties at risk of foreclosure jumped 55 percent as falling prices made it harder to sell or refinance.

Bank seizures rose 184 percent to 77,295, the steepest increase since reporting began in January 2005, RealtyTrac Inc., an Irvine, California-based seller of foreclosure data, said today in a statement. More than 272,000 properties, or one in 464 U.S. households, got a default notice, were warned of a pending auction or foreclosed on.

``It's getting worse,'' Rick Sharga, RealtyTrac's executive vice president for marketing, said in an interview. ``The number of properties that have been foreclosed on by the banks and still haven't sold is the highest we've ever seen.''

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The whole thing is getting bleaker and bleaker. Mark my word we are sliding into a depression because of this... we are mere teetering on the edge now but the whole greedy mess will drag the economy down yet... and because of how things are done now... it won't just be America's problem, though we started it, it will be the world's problem.

Don't sell your wheelbarrels... you will need them to haul your money in to buy bread with yet.

www.bloomberg.com
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