U.S. Foreclosure Filings Set Third Record-High in Five Months

"Almost one-quarter of U.S. mortgage holders are underwater"

Foreclosure filings in the U.S. climbed to a record for the third time in five months in July as falling home prices and the recession left more homeowners unable to keep up payments or refinance... A total of 360,149 properties received a default or auction notice or were seized last month, according to data seller RealtyTrac Inc...

Foreclosures increased as the U.S. recorded another 247,000 job losses in July and home prices fell, leaving an increasing number of mortgage holders owing more than their properties were worth. The median price of an existing single-family house dropped 15.6 percent to $174,100 in the second quarter, the most in records dating to 1979, the National Association of Realtors said yesterday. Almost one-quarter of U.S. mortgage holders are underwater, property data firm Zillow.com said Aug. 11...

Bloomberg: U.S. Foreclosure Filings Set Third Record-High in Five Months