Foreclosure filings surge in second quarter

From staff and wire reportsComment on this story 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 Friday. 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 was the most since the data company began reporting in January 2005. “Rising foreclosures are putting downward pressure on prices, increasing the possibility that homeowners will go upside- down on their mortgages,” Sheryl King, chief U.S. economist at Merrill Lynch told Bloomberg News. “That will cause more losses in mortgage portfolios and less willingness from investors to securitize mortgages and therefore fewer mortgages.” Soft... [read full story]