Foreclosure Rate Jumps in August

Lenders took back more homes in August than in any other month since the beginning of the mortgage crisis.

Posted:
 
foreclosed20homes

You've heard the saying "from bad to worse"? Well, the rate of foreclosures underscores that notion. Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said. The point of the bailout money was to help people actually keep their homes. Instead it appears that the banks are keeping the bailout money and putting people out of their homes anyway. Why isn't anyone doing anything about this?

Read more at NPR.org.

Comments
The Root encourages respectful debate and dialogue in our commenting community. To improve the commenting experience for all our readers we will be experimenting with some new formats over the next few weeks. During this transition period the comments section will be unavailable to users.

We apologize for any inconvenience and appreciate your continued support of The Root.

While we are experimenting, please feel free to leave feedback below about your past experiences commenting at The Root.