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Foreclosures creeping up - serious problems for the homeowners

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By : Rudson Tren    99 or more times read
As the US economy continues to struggle with the sluggish growth rate and the problem of acute unemployment, there are some serious troubles coming up for the existing homeowners who are delinquent. The foreclosures have increased in July 2010 compared to the previous month same year. However, there was a mixed message in that. Though there was a hike compared to the last month, the total figure showed a downtrend of 9.7% compared to last year same period.

Here are some of the foreclosure figures for the month of July 2010:

  • Foreclosure filings reached 325,000. These included notices for defaults, bank repossessions as well as auction notices.

  • July marked the 17th month at a stretch, which registered foreclosure filings exceeding the 300,000 mark.

While the default notices had a continuous downward trend for year-over-year basis for a continuous stretch of six months, the interesting thing to notice was that this recovery face was actually offset by a continuous uptrend of bank repossessions for year-over-year basis, which showed continuity for 8 consecutive months. These repossessions by the banks were almost record figures.

Thousands of people lost their properties to lender repossessions. In July, the figure for number of lender repossessions stood at 92,858, which just behind the highest ever recorded figure of 93,777 that was in the month of May 2010.

These figures are undoubtedly horrific and the economy seems to be in real trouble, but those who are planning to buy repossessed homes now will be benefited, because the lenders will try to get rid of their inventory as soon as possible, at heavily discounted prices if necessary. In reality, the discount rates are already high at 26% average. This will mean considerable savings for the would-be homebuyers.
For more information of hud foreclosures, visit, your source of foreclosure process.

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