Foreclosures and Defaults Continue to Rise



In yet more evidence that the economy remains mired in a recession, the Associated Press reports today that foreclosure filings jumped 32 percent last month compared to July 2008. The wire service noted that lenders have been unwilling to modify loans for homeowners who are in trouble, despite the Obama administration's efforts. Last week the Treasury Department reported that banks had extended only 400,000 offers to 2.7 million eligible borrowers who were more than two months behind on their payments. The AP also reported that fortunes for the commercial real estate industry looked equally as grim, as the number of property defaults climbed at a record pace.