Pelley Law Office LLP
Dallas Office
Plano Office
Sherman Office
214-733-1775
972-608-0335
903-813-4778

No Charge For Initial Consultation ($250 value)

Menu Contact

Over 80 Years Of Combined Experience

View Our Practice Areas

Foreclosure Rates Surge in July

According to an article from The Huffington Post, the number of U.S. homes lost to foreclosure surged in July, as lenders take back more properties from homeowners who have been in default for months on end. 

Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009.

Banks have stepped up repossessions this year to clear out the backlog of bad loans.  July makes the eighth month in a row that the pace of homes lost to foreclosure has increased on an annual basis.

Still, the number of homeowners who have fallen behind on their payments remains high, and these borrowers are being allowed to stay in their homes longer.  That's partly because lenders are reluctant to add to the glut of foreclosed homes on the market.  They also are swamped with an unprecedented number of defaulting properties and have been overwhelmed by the volume.  

The number of properties receiving an initial default notice--the first step in the foreclosure process--rose 1 percent last month, but was down 28 versus July 2009.

Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures.  

No Comments

Leave a comment
Comment Information

Awards & Recognition

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
Map & Directions

Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
Map & Directions

Dallas Office
6060 North Central Expressway, Suite 602
Dallas, Texas 75206

Phone: 214-733-1775
Map & Directions