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May U.S. foreclosures third highest on record

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posted on Jun, 11 2009 @ 12:14 PM

U.S. foreclosure activity for May ebbed from April's record, but mortgages still failed at a staggering pace as President Barack Obama's rescue programs had not had time to fully take root, RealtyTrac said on Thursday.

Foreclosure filings dipped 6 percent in the month but increased 18 percent from May 2008, marking the third highest month on record.

"There were almost one million foreclosure filings in a three-month period, and that's simply unprecedented," Rick Sharga, senior vice president at RealtyTrac in Irvine, California, said in an interview.

Temporary freezes on foreclosure activity ended in March. Failures of many seriously delinquent loans that were put on hold during those moratoria have been thrust back into the foreclosure cycle.

Foreclosure once again rears it's head in the ongoing economic debacle.

Is the government going to freeze foreclosures again or perhaps borrow more money to "fix" this problem like it did for the auto and banking industries?

Will the housing all people helped now and in the future, be "owned" by the fed?
It raises many questions for which only time can answer.

posted on Jun, 11 2009 @ 12:41 PM
Good thing all the banks are bailed out so they can reloan to people to rebuy these houses to keep this circle going.... Right?

posted on Jun, 11 2009 @ 12:42 PM

it is still better than expected! Besides, the MSM can even say that the May foreclosures decline.

Never mind that they are up double-digits from 2008. Repeat after me, "DECLINED" from last month (a teeny, tiny, bit).

See? Recovery everywhere!

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