Foreclosures up dramatically in July
Wave3 is reporting on the number of foreclosures filed in July. Lenders filed lots of new foreclosures last month, mainly due to the economy and lack of new jobs being created.
The economy appears to still be contracting and not creating any new jobs. Which shouldn’t be terribly surprising to any one. As stated here earlier this year, if the recession recovery is a jobless recovery, and unemployment numbers are still up, we may see increased foreclosures the rest of this year and on into the first and second quarters of 2011. Most economists are not expecting us to enter a double dip recession, but if the housing market doesn’t get any better, its hard to imagine that we don’t enter a double dip.
More from Wave3: July home foreclosure numbers are out, and they aren’t looking very good. Lenders foreclosed on a dramatically higher number of homes in July than in June. We talked with a Kentuckiana economist today who says we’re seeing a surging number of foreclosures because of 2 reasons: a summer slowdown in the economic recovery and the expiration of the homebuyers’ tax credit.
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