US home foreclosures reach record high in second quarter

Los Angeles Times


The number of U.S. homes taken back by banks through foreclosure hit a record high in the second quarter, even as lenders delayed more homes from entering the process through short sales and loan modification efforts, according to data to be released Thursday. This growing supply of lender-owned properties could set back the nation’s housing recovery but probably won’t sink it completely if the nation’s employment situation doesn’t deteriorate further and the economy begins to pick up steam, experts said. Sales of homes have faltered nationally in recent months with the expiration of government tax incentives for buyers...

Watchdogs slam Obama housing programs



Obama administration housing rescue programs have been ineffective at preventing a rise in home foreclosures even as the government’s support for the mortgage market grew by nearly $700 billion in the past year, bailout watchdogs said on Wednesday. Neil Barofsky, Special Inspector General for the Troubled Asset Relief Program, heaped more criticism on Treasury for its failure to adopt more realistic goals for the number of people who can benefit from its program to modify mortgages to slash monthly payments...

Informant: Thomas L. Knapp


Shocking Surprises Yet Ahead for the U.S. Housing Market

Home sales have dropped to all-time record lows. Is there an end in sight? New home sales in the US dropped a record 33 percent in May.


1 Million American Households Likely to Lose Homes to Foreclosure This Year

By Associated Press

Nearly 528,000 homes were taken over by lenders in the first six months of the year. By comparison, lenders have historically taken over about 100,000 homes a year.

Seven More U.S. Banks Shut by Regulators, Pushing Year's Failures Past 100

Banks with total deposits of about $2 billion were shut down yesterday, according to statements on the Federal Deposit Insurance Corp. website. The failures cost the FDIC's deposit- insurance fund $431 million. The U.S. bank-failure count this year rose to 103.

Bankruptcy filings up 25% over last year

Many consumers struggling with job loss.

FDIC flashes SOS - 1,000 bank failures before recession is over

By the end of the recession, there will be approximately 1,000 bank failures. Does this sound extreme? It should but the numbers don't cover the entire story. Since 2008 the number of bank failures has reached 269 and this doesn't include consolidations done through the FDIC where bigger banks ate up smaller banks before they officially failed.

Bank-Bankruptcy: Five More Banks Bankrupt, Insurance Funds Siphoned

For a normal business to fail during the time of economic downturn is nothing out of the ordinary. However, when banks start to fail, then the public might have more to get concerned about. The total number of failed banks this year in the US has reached a number of 108, as another five banks failed.

Bankrupt Banks List

The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.

From Information Clearing House


No Letup in Foreclosures

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