Latest In

News

Foreclosure Filings Increase for 8th Straight Month; Economists Foresee Double Dip

Today, RealtyTrac announced that lenders repossessed 93,000 homes in July -- 9 percent more than in June, and up 6 percent since 2009. Again, California had the

Jul 31, 2020
209K Shares
2.7M Views
Today, RealtyTrac announcedthat lenders repossessed 93,000 homes in July — 9 percent more than in June, and up 6 percent since 2009. Again, California had the most filings, and Nevada had the highest foreclosure rate, for the 43rd straight month.
Still, while banks foreclosed on more homes, the total number of filings has continued to fall, a sign that the foreclosure crisis might have peaked. Last month, 325,000 homes received a notice of default, auction or repossession — up 4 percent from June and down 10 percent from 2009.
All in all, it has been a horrible dayin economic news, and housing news especially. Another reportfrom Moody’s Analytics says the chance of a double dip — a return to technical recession, with the economy contracting rather than growing — has risen from 20 percent to 25 percent. Moody’s says that another drop in home values might catalyze a broader downturn, as economic growth is already slowing. During a double dip, home prices might fall a further 20 percent. They are already about 30 percent off their peak — more than 50 percent in Nevada.
Hajra Shannon

Hajra Shannon

Reviewer
Hajra Shannona is a highly experienced journalist with over 9 years of expertise in news writing, investigative reporting, and political analysis. She holds a Bachelor's degree in Journalism from Columbia University and has contributed to reputable publications focusing on global affairs, human rights, and environmental sustainability. Hajra's authoritative voice and trustworthy reporting reflect her commitment to delivering insightful news content. Beyond journalism, she enjoys exploring new cultures through travel and pursuing outdoor photography
Latest Articles
Popular Articles