The effects of the credit crunch have been clear for all to see: from bank failings to government bailouts, to a full-blown economic fallout, the recession continues to hang over us - now with just spots of recovery on the horizon.
As such, the American people are now facing unprecedented levels of layoffs and cut backs, and US mortagage foreclosure filings remain near a record high. This comes despite news that foreclosure filings had actually fallen for a second straight month last month, largely thanks to ongoing government efforts to keep borrowers in their homes. But, while foreclosures in September were down four percent when compared with August, they remain up by 29 percent from the year-earlier month.
The RealtyTrac US Foreclosure Market Report, which is behind the current findings, provides a count of the total number of properties with at least one foreclosure filing reported during the month (or quarter). The data, collected from ore than 2000 counties nationwide, accounts for more than 90 percent of the US population.
As a result, for those people actually facing foreclosure filings - 343,638 in all throughout September - which include mortgage default notices, house auctions and home repossessions by banks, the problem seems both very intense and very, very real...
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