U.S. home foreclosure filings rose 55 percent in July, versus a year earlier, and bank repossessions jumped 184 percent, RealtyTrac said today. One in every 464 houses is now in some stage of foreclosure. “It’s getting worse,” said RealtyTrac’s Rick Sharga. “The number of properties that have been foreclosed on by the banks and still haven’t sold is the highest we’ve ever seen.” Home valuation site Zillow reported earlier this week that a third of home sellers sold their house at a loss in the second quarter. (Bloomberg)
The bottom line
August 14, 2008
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