June 10 (Bloomberg) -- U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state, as lenders stepped up property seizures, according to RealtyTrac Inc.
Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing.
“We’re nowhere near out of the woods,” Rick Sharga, RealtyTrac’s senior vice president for marketing, said in a telephone interview. “We’re likely to set a quarterly record for home seizures if June is anything like May.”
Lenders are completing the “inevitable progression” of taking properties from homeowners who stopped paying, Sharga said. He predicted last month that another 5 million delinquent mortgages will end in foreclosure in addition to properties that had already been repossessed.
Almost 3.1 million properties have been seized by banks since April 2005, Daren Blomquist, RealtyTrac’s marketing communications manager, said in an interview today.
“The second quarter won’t be the peak,” Sharga said. “I’m not even sure 2010 will be.”
The previous record for seizures was 92,432 in April. Last month was the first in which every state had an increase in repossessions from a year earlier, according to RealtyTrac.
Link to complete Bloomberg article
Nancy Pelosi Press Release 6/10/10:
"By passing legislation to strengthen the financial footing of the Federal Housing Administration, Democrats in Congress are continuing our efforts to build a strong new foundation for the American economy."The FHA has helped millions of Americans achieve the dream of homeownership. Today, the House has helped ensure the FHA will continue to be able to do so long into the future, and we have protected consumers by enhancing its authority to go after fraudulent lenders. In keeping with our commitment to fiscal responsibility, this legislation will reduce federal spending and save taxpayers $2.5 billion.
"Democrats will continue to work toward recovery; stabilizing the housing market is critical to that effort, and today's action to bolster the Federal Housing Administration will help do just that.
Oh Nancy, 23 years in the House of "Representatives", you remain clueless and are in a serious case of denial. Did you happen to pick up on the following:
* One out of every 400 U.S. households received a filing.
* 3.1 million properties have been seized by banks since April 2005
* “We’re nowhere near out of the woods...”
Save taxpayers $2.5 billion! Denial and Clueless are understatements as you and your peers have placed an unprecedented financial burden on our grandchildren and your stay is sooooooo over welcome!
"To quote Walter Cronkite, "We are not educated well enough to perform the necessary act of intelligently selecting our leaders". Well guess what Nancy, we are studying!
She has turned out being a thorn in all of Californians sides. Born with a silver spoon in her mouth and making life heck for everyone.
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