US foreclosure filings more than double in 2Q

By Associated Press Friday, July 25, 2008 - Added 7m ago NEW YORK - The number of households facing the foreclosure process more than doubled in the second quarter compared to a year ago, according to data released today. Nationwide, 739,714 homes received at least one foreclosure-related notice during the quarter, or one in every 171 U.S. households, Irvine, Calif.-based RealtyTrac Inc. said. That’s up 121 percent from the second quarter of 2007. Soft housing sales, declining home values, tighter lending standards and a sluggish U.S. economy have left strapped homeowners with few options to avoid foreclosure. Many can’t find buyers or owe more than their home is worth and can’t refinance into an affordable loan. Foreclosure filings increased year-over-year in all but two states, North Dakota and Alabama. Nevada, California,... [read full story]