US Home Foreclosures Jump 25%

Hopes for stability in the US housing market took a shot to the jaw as foreclosures in August outpaced any other single month since the start of the mortgage credit crisis. Banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.

Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April.

Source: Associated Press

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