Foreclosure filings last month were up nearly 50% compared with a year earlier. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48% from 176,137 in the same month last year and up 7% from April.
Soaring foreclosures are raising questions about the mortgage industry's claims that they are making a dent in the housing crisis. The latest grim news comes as criticism mounts that the federal government and the mortgage industry is actually steming the tide of foreclosures. In fact, they aren't even close with keeping up with the rising number of troubled homeowners. Critics say a Bush administration-backed mortgage industry coalition, dubbed Hope Now, is falling far short.
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Soaring foreclosures are raising questions about the mortgage industry's claims that they are making a dent in the housing crisis. The latest grim news comes as criticism mounts that the federal government and the mortgage industry is actually steming the tide of foreclosures. In fact, they aren't even close with keeping up with the rising number of troubled homeowners. Critics say a Bush administration-backed mortgage industry coalition, dubbed Hope Now, is falling far short.
Continue...