Home foreclosures soared by more than 31 percent for the third quarter of 2010 from the second quarter of 2010, according to a recent report from the Treasury’s Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS).
The total number of new foreclosures for July, August, and September leapt by 382,000 from the three previous months, also marking a 3.7 percent year-on-year increase.
Completed foreclosures skyrocketed by nearly 58 percent from a year ago, up to 187,000 for Q3 2010. Foreclosures in process also rose, to 1.2 million, a yearly percentage increase of 10 percent and a quarterly rise of 4.5 percent.
According to The Associated Press, the growth in foreclosures is coinciding with less government aid to homeowners who have distressed loans.
Only 470,000 borrowers got mortgage help in Q3 2010, which is 17 percent less than Q2 and 32 percent less than Q3 2009, the AP said.
The OCC/OTS report was released just days after unfavorable home values data, shuttering any hope of a quick housing recovery.
Earlier this week, data from the S&P/Case-Shiller home prices index showed that home prices dipped by a whopping 0.8 percent from one year ago, and new foreclosure figures are sure to maintain their downward trends.
As the wave of foreclosures grows, home values could be suppressed by a further 5 to 10 percent in 2011, economists polled by The Financial Times said.
The total number of new foreclosures for July, August, and September leapt by 382,000 from the three previous months, also marking a 3.7 percent year-on-year increase.
Completed foreclosures skyrocketed by nearly 58 percent from a year ago, up to 187,000 for Q3 2010. Foreclosures in process also rose, to 1.2 million, a yearly percentage increase of 10 percent and a quarterly rise of 4.5 percent.
According to The Associated Press, the growth in foreclosures is coinciding with less government aid to homeowners who have distressed loans.
Only 470,000 borrowers got mortgage help in Q3 2010, which is 17 percent less than Q2 and 32 percent less than Q3 2009, the AP said.
The OCC/OTS report was released just days after unfavorable home values data, shuttering any hope of a quick housing recovery.
Earlier this week, data from the S&P/Case-Shiller home prices index showed that home prices dipped by a whopping 0.8 percent from one year ago, and new foreclosure figures are sure to maintain their downward trends.
As the wave of foreclosures grows, home values could be suppressed by a further 5 to 10 percent in 2011, economists polled by The Financial Times said.
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