Foreclosures: 343,000 and Counting

The number of Americans losing their homes to foreclosure continued to soar in June, according to a report released recently.

RealtyTrac, an online marketer of foreclosed properties, reported that lenders repossessed 71,563 homes in June. A year ago, just 26,369 homes were taken back.

During the first six months of 2008, 343,159 Americans lost their homes, up 136% from 145,696 recorded during the same period in 2007.

There was a shred of good news: When compared with May, filings declined 3%. Part of that decline may be traced to the actions of some states, including Maryland and Massachusetts, which have put moratoriums on foreclosures.

Adding to foreclosure woes is that home prices have been falling all year, down more than 14% in the first quarter, according to the latest figures from the S&P Case-Shiller Home Price Index.

Price declines strip homeowners of equity, making many mortgage borrowers owe more than their homes are worth. When they’re underwater, they can’t borrow against home equity to help out during a rough financial stretch.

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