Thursday, August 12, 2010

Bank repossessions drive up July foreclosures

Expect more stimulus and quantitative easing as the cries of save me grow louder.

More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace.

Banks repossessed the second highest monthly number of homes ever last month, working through distressed loans already on their books rather than sharply stepping up new default notices, real estate data company RealtyTrac said on Thursday.

Source: finance.yahoo.com

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