U.S. home foreclosure filings hit 252,000 in June, a 53 percent year-over-year increase but a 3 percent drop from May, RealtyTrac reported. Bank repossessions jumped 171 percent over last June, and are outpacing filings. An estimated 53 percent of subprime borrowers will have negative equity in their house by late 2008, and that will rise to 63 percent in 2009. “Lenders are much less willing to work with you if you’ve got negative equity, and you’re more likely to give up your house if you’re deeply underwater,” said Moody’s Economy.com chief economist Mark Zandi. (Bloomberg)
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- After Ferguson: Stop deferring to the cops
- 43 TV shows to watch in 2014
- Ferguson riots were terrible — but this racist reaction was worse
- 7 grammar rules you really should pay attention to
- Is it now OK to have sex with animals?
- The hilarious hypocrisy of Republicans complaining about the imperial presidency
- Don't argue about politics this Thanksgiving. Just don't.
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- 10 classic Sesame Street moments we wouldn't show today's kids
- Hey, scolds: Stop telling us to enjoy a healthy Thanksgiving
Subscribe to the Week