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Jul. 16 2009 - 11:34 am | 2 views | 1 recommendation | 2 comments

Despite the rough start, some signs of improvement

By AUSTIN CONSIDINE

The number of U.S. households on the verge of losing their homes soared by nearly 15 percent in the first half of the year as more people lost their jobs and were unable to pay their monthly mortgage bills.

The mushrooming foreclosure crisis affected more than 1.5 million homes in the first six months of the year, according to a report released today by California-based foreclosure listing service RealtyTrac Inc.

via Indiana 13th in foreclosures after 11% drop | IndyStar.com | The Indianapolis Star.

Seems that the foreclosure crisis is far from over, and we could be headed for that second wave some economists have feared. As it is, foreclosures were up in June by 5% compared to May, and aren’t expected to peak until the middle of next year.

But the good news is that, compared to the record drops in home values we saw at the beginning of the year, the losses seems to be slowing. Initial unemployment insurance claims are also down for the third week in a row. If those two trends continue moving in the right direction, I’m hoping it could significantly soften or prevent a second wave.

 
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  1. collapse expand
    5:34 pm on 07/16/09
    Brian In NYC
    Brian In NYC

    Tortoise and the hair, hard to be patient during tough times. Hell I having trouble being patient during good times.

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  2. collapse expand
    9:30 pm on 07/19/09
    Fran Johns Fran Johns Boomers and Beyond

    Patience-need is going to be around for a long time.

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    Born and raised in Indianapolis, I've spent my adult life trying to understand where I came from by living in other places. I worked for the International Herald Tribune, in Paris, The New York Times and the Queens Chronicle, in New York, and I studied in Dublin. As a freelancer, I've written about books, cars and travel for those and other publications, including the San Francisco Chronicle, the Chicago Sun-Times and Publishers Weekly. I've reported from Dubai, Bahrain, the Philippines and Kentucky. Since October, I've lived in Los Angeles, with several month-long stints in Indianapolis mixed in for good measure. Somewhere along the road I got the Indiana state flag tattooed on my left arm.

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