Banks repossess 980 homes per month in S.J. during first six months of the year

By Bruce Spence, Record Staff Writer

California and Florida continued to dominate as foreclosures nationally hit a record high, according to the latest quarterly survey of the Mortgage Bankers Association.read more »

By ALAN ZIBEL, AP Business Writer

More than 4 million American homeowners with a mortgage, a record 9 percent, were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis worsened, the Mortgage Bankers Association said Friday.read more »

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NY Times

Across the United States, neighborhoods are littered with an estimated 900,000 vacant homes, the result of foreclosures, bank repossessions and abandonment. And with defaults rising nationwide, the number is expected to grow well into next year.read more »

By ZACH FOX - Staff Writer

Some homeowners in the area have gone months without paying their mortgages and have yet to receive a foreclosure notice ---- a development that suggests banks are overloaded and that also might mean foreclosure reports are understating the region's housing crisis.read more »

Nicholas Watt, chief political correspondent

Britain is facing "arguably the worst" economic downturn in 60 years which will be "more profound and long-lasting" than people had expected, Alistair Darling, the chancellor, has told the Guardian today.

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Democrats in Denver Should Skip One of Their Parties and Read the American Monetary Act

By Richard C. Cook

"ICH" -- - How are things going at the Democratic Party National Convention in Denver this week?

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By Gerri Peev

THE severity of the current economic downturn has been likened to the Great Depression of the 1930s by the new deputy governor of the Bank of England.

The slowdown, which has threatened to plunge the world's major economies into recession, was likely to drag on for "some time", according to Charles Bean, Britain's second most senior banker.read more »

By ERIC DASH and GERALDINE FABRIKANT | NY Times

WASHINGTON — Sheila C. Bair anticipated the mortgage crisis long before most other regulators. But she never dreamed it would wreak so much havoc on so many banks.read more »

By MICHAEL S. DERBY | Wall Street Journal

Inflation continues to be the U.S. economy's largest challenge, and it's unclear whether the recent retreat in energy prices will lower price pressures, a regional Federal Reserve official said.read more »