Record Number of Foreclosures in July

We may be nearing the end of the recession, but the housing market still looks grim: Foreclosure filings increased by 7 percent in July. Around the country, 360,000 properties, or one in every 355 homes, were foreclosed. Despite government programs intended to provide a safety net, the new numbers show “significant growth in both the initial notices of default and in the bank repossessions,” said an executive for RealtyTrac, the online marketer of foreclosed homes. California posted the highest number of filings, and states like Arizona and Florida were also hit hard. Las Vegas was the metropolitan area with the most foreclosure filings. Foreclosure moratoriums have been phased out, and according to an economic advisor for Vice President Biden, “It's starting to reach more and more people, but we have to do better and make sure the program reaches the millions of folks we intended it to reach.”