Bank repossessions drive up July foreclosures

[Bindare_Dundat]

NEW YORK (Reuters) - More Americans fell into foreclosure in July as a sour job market kept them from making payments, and banks took over homes at a near record pace.

Banks repossessed the second highest monthly number of homes ever last month, working through distressed loans already on their books rather than sharply stepping up new default notices, real estate data company RealtyTrac said on Thursday.

This reflects problem management instead of a fix of the root problem, said the company, which expects more than 1 million homes to be repossessed this year.

"What's driving most of the foreclosure activity is unemployment and other types of economic displacement," RealtyTrac senior vice president Rick Sharga said in an interview.

[Soul Crusher]

I read that Chapter 7's are at a 5 year high as well. 

[Skip8282]

This is what I hate about bailing out banks.  They get strapped for cash and the government takes money from the banks customers via taxes and gives it to the banks.  The homeowners get strapped for cash, and it's FU.

I know they have to buy a house within their means, but people falling on hard unemployment, etc., I really feel bad for.

[MuscleMcMannus]

This is what I hate about bailing out banks.  They get strapped for cash and the government takes money from the banks customers via taxes and gives it to the banks.  The homeowners get strapped for cash, and it's FU.

I know they have to buy a house within their means, but people falling on hard unemployment, etc., I really feel bad for.

Says the guy that works for the government.............

[Skip8282]

Says the guy that works for the government.............

Yep, with pride.  Used to work in the private sector but went shortly after 9/11 and I love the idea of contributing to help kill terrorists.

And, even though you're a dumb, gay, male nurse...if you lost your job and your home, I would be advocating for help for you.

[MuscleMcMannus]

Yep, with pride.  Used to work in the private sector but went shortly after 9/11 and I love the idea of contributing to help kill terrorists.
And, even though you're a dumb, gay, male nurse...if you lost your job and your home, I would be advocating for help for you.

Haha what a brainwashed tool you are.  A war is coming your way buddy............and it ain't gonna be against some big bad terrorists......it's going to be against your fellow Americans.  It's obvious what side you're on.  I feel sorry for you! 

[tonymctones]

Haha what a brainwashed tool you are.  A war is coming your way buddy............and it ain't gonna be against some big bad terrorists......it's going to be against your fellow Americans.  It's obvious what side you're on.  I feel sorry for you! 

LOL stfu you moron...

[MuscleMcMannus]

LOL stfu you moron...

errrrrrrrrrkaayyyyyy Tony....   haha loser.

[tonymctones]

errrrrrrrrrkaayyyyyy Tony....   haha loser.

LOL are you going to be doing the fighting when the war kicks off?

let me guess another CT nut job who thinks the aluminati is behind the govt?

[MuscleMcMannus]

LOL are you going to be doing the fighting when the war kicks off?

let me guess another CT nut job who thinks the aluminati is behind the govt?

aluminati?   

[tarzan]

Haha what a brainwashed tool you are.  A war is coming your way buddy............and it ain't gonna be against some big bad terrorists......it's going to be against your fellow Americans.  It's obvious what side you're on.  I feel sorry for you! 

lol! Yes it won't be pretty. I think some people are going to be in for a rude awakening.

[MuscleMcMannus]

lol! Yes it won't be pretty. I think some people are going to be in for a rude awakening.

Skip8282 is the type of dickmunch armchair wannabe that wil have no problem turning his sights on Americans if the shit hits the fan and this country revolts or states start to secede.  His wife and kids are probably very proud of their government shilled daddy. 

[GigantorX]

Skip8282 is the type of dickmunch armchair wannabe that wil have no problem turning his sights on Americans if the shit hits the fan and this country revolts or states start to secede.  His wife and kids are probably very proud of their government shilled daddy. 

Go Away.