Friday, August 15, 2008

At Risk of Foreclosure Rise 55%, Bank Seizures Reach High

Original headline of this article doesn't match
what it states in the first paragraph.

I changed the headline to reflect that.

Nevertheless, it's still grim.
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.''
Full article.

10ยข on the dollar anyone?