Recently there have been many ups and downs in the real estate market, and some of them are happening concurrently. The purchases of homes by first time buyers, did show an overall jump nation wide during the month of July, however the other side of the coin is that some cities are experiencing that the loans for homes are failing at a terrible pace. This was recorded also for the month July, and it is happening despite the many state and federal programs that were created to avoid the growing number of foreclosures.
This leaves the economy severely affected as well as have extremely detrimental circumstances for the housing industry. Records have shown that during this last month in various cities throughout the sunbelt, such as the Texas town of Denton, foreclosure proceedings have increased by seven percent during the month of June, thirty two percent higher than the numbers from last year. This past month gives evidence that for every three hundred and fifty home owners, one has been foreclosed on. This rate is keeping in time with the number of auctions, repossessions and default notices, and is continuing to escalate with the rising unemployment rate in the United States. This is the third such jump in the past five months in the activity of foreclosures.
This all comes at a time when the programs developed by the government have been created as the safety net for homeowners who are having difficulty, both the first notices of the default have risen in number as well as the actual repossessions that have taken place. The tracking of these numbers began in 2005, and this last months jump has broken records, with more the three hundred and sixty thousand households nationally, going through foreclosure. It seems that it is getting harder and harder for people to make their payments on time, as wages keep getting cut and many people are still continuing to get laid off.
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