Last month, in the June 15, 2009 article The State Of The U.S. Housing Market, I stated the current mortgage crisis was not over and the banks' unwillingness to work with homeowners, would create greater damage to the economy. Data released today, reflects for the first half of this year, there were an unprecedented 1.5 million foreclosure filings in America. This indicates the problem is getting worse, not better, contrary to previous reports by mainstream analysts and economists. I think it shows great ill will on the part of some major banks, to accept enormous amounts of taxpayer money and not help the taxpayer in the end.

STORY SOURCE

U.S. Foreclosure Filings Hit Record 1.5 Million in First Half

July 16 (Bloomberg) -- U.S. foreclosure filings hit a record in the first half, a sign that job losses and falling property prices deepened the housing recession, according to RealtyTrac Inc. More than 1.5 million properties received a default or auction notice or were seized by banks in the six months through June, the Irvine, California-based seller of default data said today in a statement. That’s a 15 percent increase from the year earlier. One in 84 U.S. households received a filing.

http://www.bloomberg.com

Foreclosures at record high in first half 2009 despite aid

Thu Jul 16, 2009 12:01am EDT - NEW YORK (Reuters) - U.S. home foreclosure activity galloped to a record in the first half of the year, overwhelming broad efforts to remedy failing loans while job losses escalated. Foreclosure filings jumped to a record 1.9 million on more than 1.5 million properties in the first six months of the year, RealtyTrac said on Thursday. The number of properties drawing filings, which include notices of default and auctions, jumped 9.0 percent from the second half of 2008 and almost 15 percent from the first half of last year...

http://www.reuters.com