And it’s getting worse before it’s getting better (Foreclosures: ‘Worst three months of all time’):
Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.
During that time, 937,840 homes received a foreclosure letter — whether a default notice, auction notice or bank repossession, the RealtyTrac report said. That means one in every 136 U.S. homes were in foreclosure, which is a 5% increase from the second quarter and a 23% jump over the third quarter of 2008.
Nevada continued to be the worst-hit state with one filing for every 23 households. But even tranquil Vermont, where the foreclosure crisis has barely brushed the housing market, saw foreclosure filings jump nearly 170% compared with the third quarter of 2008.
See Also: Existing Home Sales Soared In September, Treasury Department Announces New Foreclosure Program, Why Mortgage Servicers Foreclose when they Should Modify, Foreclosures: By the numbers, 7000 people a day – That’s a big number, Largest Transfer of Wealth to Financial/Political Elite in Global History, Home Loan Modification – Can President Obama Save Your Home?, and Commercial foreclosure crisis to swallow local economies.
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