US foreclosures soar, housing prices slump

From World Socialist Web Site:

By Patrick Martin
31 December 2010

The number of completed home foreclosures rose to 245,000 in the third quarter, according to a report from bank regulators that covers only two thirds of all US home mortgages, those held by national banks and savings & loan institutions.

The figure was reported in the quarterly mortgage report filed by the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision, which regulate banks and S&Ls respectively.

The overall number of foreclosures completed in the July-September period is likely well over 300,000, making it virtually certain that total foreclosures will top one million in 2010. The total number of foreclosures in process increased to 1.2 million, up 4.5 percent from the second quarter and up 10.1 percent from the third quarter of 2009.

Newly initiated foreclosures jumped to 382,000 in the third quarter, a rise of 31.2 percent compared to the second quarter and 3.7 percent above the third quarter of 2009. The larger number of initiated foreclosures compared to completed foreclosures means that the number of foreclosures can be expected to rise sharply in the coming year.

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One Response to “US foreclosures soar, housing prices slump”

  1. Willow Arune Says:

    I am totally astounded at the mortgage mess in the US. Thankfully the same has not happened up here – yet. Sonia and I are fairly well positioned with a very small mortgage, less than a third that it would cost to rent this place. when we moved north, we looked at more expensive places, but this one suited us and so did the price.
    You might be interested in this article. Certainly it represents a bias point of view, but many of the comments do strike home:

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