Foreclosures in the United States Reach All-Time High

The number of properties entering foreclosure has continued to grow as the United States deals with a housing crisis. Now, a new report from RealtyTrac.com shows that a record number of foreclosure filings were reported in July 2009.

RealtyTrac's report shows that over 360,000 properties entered foreclosure in July 2009, a remarkable number of filings for a one-month period. This is up 7% from June 2009, and up a whopping 32% from this time last year. According to RealtyTrac, this is a new record for the number of foreclosure filings given out in one month.

While it's tempting to think of foreclosures in statistical form, we should remember that every foreclosure filing represents a family that will potentially lose their home. A plethora of homeless families is bound to have devastating impacts for our economy as a whole.

RealtyTrac's statistics also show that most foreclosures are not having a favorable outcome for borrowers-in addition to total foreclosure filings, bank repossessions are also increasing. This indicates that fewer borrowers are able to modify their loans and keep their homes.

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