Foreclosures At An All-Time High


It’s getting worse, not better:

The foreclosure plague is not going away — it’s only getting worse.A record 1.53 million properties were in the foreclosure process — default notices, auction sale notices and bank repossessions — during the first six months of 2009. That was 9% more than the previous six months and 15% more than the same period of 2008, according to a report released Thursday by RealtyTrac.

There were a total of 1.91 million filings resulting in 1 out of every 84 U.S. properties receiving at least filing in the first half of the year. Banks repossessed 386,800 properties.

“What this means is, despite the intensity of the efforts on the part of government and lenders we don’t have a handle on foreclosures yet,” said Rick Sharga, a spokesman for RealtyTrac.

Once upon a time the Sun Belt was the fastest-growing part of the country — the one where all the new jobs and opportunities were going. Now the only thing that’s growing in places like Arizona, California, and Florida is the number of For Sale by Bank signs on lawns.

Via Memeorandum.

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