Foreclosures top 1.5 million with no end in sight


U.S. foreclosure filings continue to rise, proving that job losses and falling property prices are overpowering any attempt by the government to modify loans and keep people in their homes. For the fourth straight month, foreclosures topped 300,000 as more than 336,000 homes reported foreclosure filings in June, up 33 percent over last June.

More than 1.5 million homeowners faced the possibility of foreclosure in the first six months of 2009. That total includes properties that received a default or auction notice or were seized by the banks, according to RealtyTrac. Banks repossessed 386,800 properties during this time period.