The amount of mortgage borrowers stung by the tumult in the U.S. housing marketplace soared last month as foreclosure filings expanded by more than fifty percentage points equated with June a year ago, according to information issued Thursday. Countrywide, 252,363 homes experienced minimally one foreclosure-related acknowledgement in June, up fifty-three percent from the corresponding month last year, but fell three percent from May, RealtyTrac Inc. Announced. One in each 501 United States. Families experienced a foreclosure filing ending June 2008.

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Faced with record-high foreclosure rates, the Bush administration has been clambering to restrain people from losing their houses from foreclosure, but numerous homeowners are on the furthermost side of assistance, Treasury Secretary Henry Paulson said Tuesday. “Loose lending criteria that came with the at one time unrestrained housing marketplace permitted folks to purchase houses they were unable to afford in today’s remarkably high amounts of foreclosures are not preventable,” he said in prepared comments to a mortgage-lending assembly gathering in Arlington, Va. “There is little public policymakers can, or should, do to compensate for untenable financial decisions.”

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The subprime mortgage crisis is still in the early stages of eruption, says money guru John Hussman, the manager of the $3.18 billion Hussman Strategic Growth Fund. Many more foreclosures are just around the bend as the majority of subprime rates are about to reset. It will be a huge surge as only about a quarter of the total resets scheduled to occur. “That places us near the start of the third inning, where we can expect each of the ‘nine innings’ to be about three months in duration,” says Hussman.

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Homeowners that had excellent credit scores of 840 – 850, as of September 2007, were facing foreclosure. This comes as somewhat of a surprise among all the ballyhoo that the foreclosure crisis was caused by banks lending money to borrowers with low credit scores. The default rate last September was equal to that of people with much lower credit scores. Credit scores by themselves are no sure bet that homeowner will be able to make the payments. The loans they did take out were for homes a king could live in – not what they could necessarily could afford.

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Neither the Veterans Affairs nor the Pentagon bothers to track the amount of families in the military who stand to lose their homes while fighting overseas. “The Army as a whole has seen an increase in soldiers and families seeking assistance for mortgage foreclosures,” says Army Lt. Col. Anne Edgecomb, an Army spokeswoman, citing data from branch legal offices trying to advise soldiers. But the USAA, a financial services company in San Antonio serves military families and their families. While refusing to state actual numbers, the company has said that there are seeing an increase.

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An elderly woman, 88 years old, packed her lifetime worth of belongings in her Florida home yesterday. She had until this morning, Thursday, to be out by seven a.m. Annie Taylor shares the house with her son, Dennis, who fell behind on his mortgage and insurance payments. Dennis called his mortgage company. The man on the other end of the conversation sounded somewhat strange. “Where are you?” Dennis asked. The answer was that the young man was in New Delhi. Dennis told him, “You don’t even know the housing market in my neighborhood at all!”

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Cherish Brisbane is trying to make new friends at her new school, Owen Academy, her second school this year near the homeless shelter in Highland Park that is now home. She misses her dog, Precious, her school, her old friends, and the house they used to live in that she called home. Cherish is but one 8-year-old victimized by the growing number of children who are now homeless due to the foreclosure crisis. The worst of it is showing up in Metro Detroit, where the number of kids having no fixed address anymore has increased more than seventy percent in the last three years. Cherish is living in the second shelter since her family was evicted due to foreclosure in November 2007.

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Remember back in 2003 when California residents lost 2,000 homes to wildfires. The update is that some of those charred homes were burned by owners wanting to evade their mortgage payments, relying on insurances to make everything good again. Setting fire to your mortgage agreement has been a tradition after the home has been paid off. But now borrowers are not waiting until the pay off. The latest symptom of the housing and credit crisis is insurance companies, law enforcement agencies, and state agencies report a jump in home and vehicle fires in the past year set by owners who can no longer pay their debts. So far, the numbers are low, but insurance companies are scrutinizing more closely, what they see as routine blazes.

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Bank repossessions doubled in March rising to 57 percent while the Senate and House continue to haggle over the best resolution to the housing crisis. Last month the foreclosure listings rose to 5 percent equaling 234,685 US homes receiving default notices. The hardest hit states were Nevada, California, and Florida. Bank repossessions climbed 129 percent from just a year ago.Reality Trac, one of the nation’s foremost real estate experts said that we will see the possibility of a record amount of foreclosures in the third or fourth quarter of this year. There is simply no end in sight to the housing crisis yet.

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