Foreclosures Grown in Face of Moratorium

News continues to build about the foreclosure crisis.  An MSNB news headline tells us today that "Foreclosures hit post-bust peak in third quarter."  Here is the opening paragraph of that article.

Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006. But many of the foreclosures may be challenged in court later because of allegations that banks evicted people without reading the documents.  

So what are the numbers?

  • 288,345 properties were lost to foreclosure in the July-September quarter. That's up from nearly 270,000 in the second quarter, the previous high point in the firm's records dating back to 2005.
  • Banks have seized more than 816,000 homes through the first nine months of the year and had been on pace to seize 1.2 million by the end of 2010.
  • Banks have seized more than 816,000 homes through the first nine months of the year and had been on pace to seize 1.2 million by the end of 2010. But fewer are expected now that several major lenders have suspended foreclosures and sales of repossessed homes until they can sort out the foreclosure-documents mess.