Bankers of the world, unite! Ignore such data and pretend as though nothing has changed and it's still 2007. If that doesn't work, hum louder so you don't have to hear anyone and the lavish bonus culture can live forever. Surely the problem can't get worse, right? Reuters:
U.S. home loans failed at a record pace in July despite ongoing federal and state programs to avoid foreclosures, which have severely strained housing and the economy.
Foreclosure activity jumped 7 percent in July from June and 32 percent from a year earlier as one in every 355 households with a loan got a foreclosure filing, RealtyTrac said on Thursday.
Filings — including notices of default, auction and bank repossession — have escalated with unemployment.
