Foreclosures Rise 7 percent in July

It does appear the economy is trying to recover to some extent. Yet as I have blogged in recent weeks I do not see any real data that suggest the markets should be closing in on DOW 10,000 again.

As the foreclosure news indicates the recession is far from over. There are many tough times ahead for the average consumer as unemployment continues to rise. The recent federal program “Cash For Clunkers” appears to have been a huge success for the consumer as many flocked to dealerships to take advantage of the guaranteed $3500-$4500 trade-in value for their old gas guzzlers on new more efficient models. But one successful program will not buoy the markets.

Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice, such as a notice of default or trustee’s sale. That’s the highest monthly level since the foreclosure-listing firm began publishing the data more than four years ago.

Banks repossessed more than 87,000 homes in July, up from about 79,000 homes a month earlier.Source: Floreclosures Rise 7 Percent In July

2oversold.com is a blog for the individual consumer and private investor. We are not experts in the markets nor do we make any recommendations of any company. The companies we blog about are discussed for the purposes of this blog only and this should not be considered as investment advice.