Bankruptcy

Foreclosures Continue to Increase

By J. Michael McBride

This is not exactly “new news” but the housing market continues to crater. “Banks repossessed almost three times as many U.S. homes in July as a year earlier and the number of properties at risk of foreclosure jumped 55 percent as falling prices made it harder to sell or refinance.

Bank seizures rose 184 percent to 77,295, the steepest increase since reporting began in January 2005,…”

Here is a link to the full article: http://www.bloomberg.com/apps/news?pid=20601087&sid=aLY_H8XQz_iM&refer=worldwide

In a related story, home prices have fallen as the housing market continues to slump. “Nationwide, the median existing single family home price plunged 7.6% to $206,500 in the second quarter, down from $223,500 in the same period of 2007. The median price represents the point at which half of all homes sold for more and half sold for less.

Here is a link to that article:
http://biz.yahoo.com/cnnm/080814/081408_quarter_three_home_prices.html?.v=6

Michael

Full post as published by Texas Lawyer Blog on August 14, 2008 (boomark / email).