The number of homeowners pulled into the foreclosure crisis increased by 5 percent during the third quarter as a government program to help borrowers stay in their homes struggled to gain traction, according to RealtyTrac data released Thursday.
RealtyTrac found that more than 925,000 borrowers received a foreclosure filing, which can range from a default notice to a bank repossession, between July and September. That is up 23 percent from the comparable period last year.
The increase reflects an acceleration in the foreclosure crisis as more homeowners fall behind on payments and reflects the fact that banks are still working their way through a backlog of delinquent borrowers, according to RealtyTrac, which compiles data on more than 90 percent of U.S. households.
Many banks delayed foreclosures earlier this year to put in place a federal foreclosure prevention program. But by the third quarter, bank repossessions had resumed their climb, according to the RealtyTrac data. The number of homes taken back by lenders increased 21 percent during the third quarter to about 238,000, according to RealtyTrac.
OBAMA'S POLICIES ARE FAILING.
THE STOCK MARKET IS UP FOR THE SAME REASON OIL IS UP: THE DOLLAR IS WEAK,
AND NOT BECAUSE OF BETTER ECONOMIC NEWS.
THE DOLLAR IS WEAK BECAUSE OF OBAMA'S POLICIES.
- WE NEED TO RESCIND THE STIMULUS - WHICH HAS CREATED A PALTRY 30,000 JOBS AT A COST OF $533,334/JOB (SO FAR!).
- WE NEED TO CUT TAXES ON CAPITAL GAINS AND INCOME.
- WE NEED TO CUT GOVERNMENT SPENDING -
- AND WE MUSTN'T PASS OBAMACARE OR CAP AND TRADE.
HOW CAN WE DO ALL THIS? SIMPLE: VOTE GOP IN 2010.