 Many homeowners are unable to keep up with their repayments |
More than 272,000 people in the US received a foreclosure notice in July, a rise of 55% on a year earlier, according to analysts Realtytrac.
Florida and California had the highest rate of foreclosures, figures showed.
In a further indication of the severe problems affecting the US housing market, more than 77,000 homes were repossessed in July.
As a result of this increase, 17% of all homes for sale in the US are repossessed properties.
US mortgage giant Fannie Mae recently announced that it was opening new offices in California and Florida to try to increase the sale of foreclosed properties it owns. It is even considering selling them in bulk to investors.
Last month, the US government introduced new legislation to try to prevent homeowners losing their properties.
Realtytrac said this could help the number of foreclosures start to stabilize as early as the first quarter of next year.I don't know about the rest of you but this is ridiculous. How many children are out in streets sleeping in cars and trying to make the grade in school.
There has to be something out there to help people keep their homes. Why not let people stay in the homes and pay what they can, we aren't talking about lazy bad people these people are hard working and as proud as anyone else. Think about your grandparents losing the house they have paid on for years and had to refinance because of medical bills and utilities being so high.
I hope and pray that who every the next president is something can be done.
