The number of Americans losing their homes rose sharply in July. There were 179,599 foreclosures in the month, 93% more than July last year. The figure was also 9% higher than that recorded in June. RealtyTrac, which tracks the information on foreclosures said Tuesday California, Florida, Ohio, Michigan, and Georgia accounted for more than half of the July cases.
A foreclosure occurs when a borrower defaults on a loan. The process typically begins when a lender files a lawsuit against the borrower and takes possession of the borrower’s home. The home is then put to auction and sold to the highest bidder. Borrowers with sub-prime loans have been particularly hard hit.
Hi, I'm Jen and I'm here to help. Submit your complaint here or get help here
This article, Foreclosures up 93 percent in July, is just one of our articles from our Mortgage Crisis Daily
The Subprime Mortgage Crisis Before, During, and After
Mortgage Crisis Daily monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
