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July 5, 2008 7:00:25 PM CDT

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Monthly Foreclosures Climb Again

Posted Aug 22, 07 2:34 AM CDT in US,  Business    Editor's Choice

(Newser) – Foreclosure numbers were up big again in July, rising 9% from June’s figures and a whopping 93% from a year ago, an unwelcome sign for already reeling credit markets. Foreclosures rose in 43 states, but California, Florida, Michigan, Ohio and Georgia accounted for over half of the the activity, Forbes reports.

The recent flurry of defaults is driven primarily by borrowers with subprime and adjustable mortgage rates. With the housing market flattening, these borrowers are unable to sell their homes to clear debt when troubles arise. The resulting boom in foreclosures has further depressed the housing market and triggered unrest in financial markets around the world.

Source Forbes

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A sign showing a foreclosed house is seen in Glendale, Calif., Monday, August 20, 2007. Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year, with...   (Associated Press)
borrowers have failed to make payments or find buyers. (AP Photo/Reed Saxon, file)   (Associated Press)
A sign advertises a bank repossessed home for sale in San Clemente, Calif., Sunday, Aug. 5, 2007. Foreclosure filings rose 9 percent from June to July and surged 93 percent over the same period last year,...   (Associated Press)
Graphic shows foreclosures in the past six quarters; 1c x 3 1/4 inches; 46.5 mm x 82.6 mm   (Associated Press)
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subprime mortgages  • housing market  • foreclosure  • credit market  • borrowers  • debt  • home loans  • mortgage defaults


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Related Threads: Subprime Collapse, Credit Market Chaos, Housing Market, Florida

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