Currently Reading

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.

Comments are closed.

Jen's Problem SolversOur Partners Selected Articles

database Super-Search Need more? Search all databases

Timothy Blake and Jen provide the most detailed personal finance blog ever, covering major bank complaints, debt settlement scams, and the mortgage crisis. Use Super-Search to find anything, download from the document library and research 6-in-1 personal finance