Foreclosures reach record numbers again in July


While the Obama administration tries to put on a good show of encouraging mortgage modifications, the grandstanding is not working. According to Realty Trac, only about 230,000 homes have received help, while 464,058 homeowners lost their homes this year through the end of July.

For the fifth month in a row, we've seen foreclosure filings rise. Another 360,000 properties received foreclosure notices, which includes default notices, scheduled auctions or bank repossessions. That's an increase of 7 percent over June and 32 percent over July 2008. One in every 355 U.S. homes had at least one filing in July. More than 87,000 homes were repossessed.