Foreclosures Continue to Soar Through Summer
Even as the Obama administration is pushing mortgage servicers to modify more loans to keep folks in their homes, RealtyTrac released its monthly report today revealing more than 360,000 foreclosure filings in July — up 7 percent from June and 32 percent from a year ago.
The numbers are sure to capture some attention on Capitol Hill, where Democratic leaders in both the House and Senate have threatened the return of bankruptcy reform legislation — which would empower homeowners to prevent foreclosure through the courts — if the enticements to industry don’t result in more loan mods.
With today’s news that foreclosures have topped 12,000 per day, the calls to do something more are sure to grow louder.
