Foreclosures Reach Record Levels In August 2008
September 12th, 2008 By Peter G. Miller
Foreclosure levels reached a new peak in August when — for the first time — more than 300,000 homeowners received foreclosure notices — either default notices, auction sale notices or bank repossessions.
The latest numbers from RealtyTrac.com show that 303,879 homes got the dreaded notices in August, a new record and evidence that foreclosure prevention efforts are not keeping up with the fast-spreading problem.
What’s remarkable is that the August numbers likely are lower than expected because a number of states have enacted laws to delay foreclosure procedures. Maryland, as one example, passed legislation in April which delays foreclosures in that state by at least 135 days.
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