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THERE ARE NO ECONOMIC RECOVERY UNLESS...  
 
  
Foreclosure filings increased again in June as the weak labor market pushed more homeowners into delinquency and government efforts to prevent foreclosure efforts struggled to gain traction, according to data from RealtyTrac released today.
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The firm counted 336,173 filings nationally, which can range from default notices to bank repossessions. That is up 4.57 percent from the previous month and up 33 percent compared with the same period last year. For the second quarter, filings were up 20 percent from the comparable period last year. RealtyTrac, a private firm, says its data includes more than 90 percent of U.S. households.

"Nationwide the trajectory is remaining the same, continuing to increase," said Daren Blomquist, a RealtyTrac spokesman.

Sunbelt states like California and Nevada continued to have the most filings, while the Washington region was less impacted. Filings were down in the District and flat in Virginia last month compared to June 2008, but up in Maryland.

The monthly data reflects the challenges facing the Obama administration as it implements a sweeping program, Making Home Affordable, that is intended to arrest rising foreclosure rates.

The administration has said it expects to be able to help up to 4 million homeowners under its program, but the country's rising unemployment rate and falling home prices continue to push a growing number of borrowers into delinquency.

"We suspect that many of the numbers would be much higher if these efforts were not in place, so the fact that the numbers continue to increase, despite of all of the efforts is indicative of just how big this problem is," said Blomquist.

The Senate Banking Committee is holding a hearing on foreclosures today and is expected to focus on the effectiveness of the administration's program. Last week, Treasury Secretary Timothy F. Geithner and Shaun Donovan, secretary of the Department of Housing and Urban Development, sent a scolding letter to the industry, prodding them to hire more staff and improve training.

 

Source: W.POST

July 16/09

 

 

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