Housing Crisis

(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.

Banks took over 92,858 properties in July, up 9 percent in the month and 6 percent in the year. This was a shade below the peak of 93,777 homes in May, the largest since RealtyTrac began tracking repossessions in April 2005.

http://www.reuters.com/article/idUSTRE67B0D720100812

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