VIA CBS NEWS:
(CBS/ AP) The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage.
Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.
Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.
The ominous news comes as the Federal Reserve announced Wednesday that the economy was regaining stability.
“The pace of the decline in the economy has abated so we’re pretty much at a point where it’s starting to look for an upturn even though we can’t see too much tangible evidence just yet,” Michael Santoli, associate editor for Barron’s, said on CBS’ “The Early Show” Thursday.
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