Foreclosures More than Double; Uptick Seen in Durable Goods

U.S. homeowners lost 220,000 homes to foreclosure in the second quarter, according to a report issued Friday by RealtyTrac, Inc., a marketer of foreclosed homes. The numbers represent a 14 percent jump over the first quarter of 2008, and a 120 percent climb since this time last year. "Most areas of the country are seeing at least some increase in foreclosure activity," James Saccadic, CEO of RealtyTrac, told CNNMoney.com. "Forty-eight of 50 states and 95 of the nation's 100 largest metro areas experienced year-over-year increases in foreclosure activity. One in every 171 homes was foreclosed on during the quarter, the company said. Many of the worst-hit areas were in the Sun Belt -- Nevada led the nation, with one out of every 43 houses in foreclosure. California, Florida, Arizona, Ohio and Michigan were also hit hard.... [read full story]