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A record number of U.S. homes were were foreclosed upon in the second quarter of 2010, raising concerns that, after years of high home losses, the home foreclosure crisis is not getting any better. Banks repossessed 269,952 U.S. homes this quarter, a 38 percent increase from the same quarter in 2009. Just how bad is this?
•Crisis Will Worsen Without Job Creation The Los Angeles Times’ Alejandro Lazo reports, “If that pace continues through the year, the number of homes taken by banks is likely to top 1 million by the end of 2010, said Rick Sharga, RealtyTrac senior vice president. ‘It is almost a certainty that we will see over a million over the course of the year, and that would definitely be a record,’ he said. ‘It’s serious, but it doesn’t appear to be that these levels will crater the housing market if the economy at least stabilizes and we do start to see some job creation.’”
Read more: http://www.theatlanticwire.com/opinions/view/opinion/Is-the-Foreclosure-Crisis-Getting-Worse-4336
