US market: foreclosures on the rise, still.

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Foreclosures Rose 7% in July.

Foreclosure activity jumped 7 percent in July from June and 32 percent from a year earlier, as one in every 355 households with a loan got a foreclosure filing, RealtyTrac said.

According to RealtyTrac, more than 360,000 households received foreclosure-related notices in July. Banks also seized 87,000 homes last month, up from 79,000 in June.

US market: government foreclosure remedy "failing to provide"

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Efforts to Reduce Foreclosures Falls Short

The Wall Street Journal reports an Obama administration effort to reduce home foreclosures by lowering the mortgage payments of struggling borrowers is failing to help as many people as expected.

Administration officials have summoned executives of twenty-five mortgage-servicing companies to Washington today to discuss efforts to help borrowers. Bank of America is only this month beginning to implement the Obama plan for all at-risk borrowers. Wells Fargo didn’t begin offering some at-risk borrowers loan modifications under the Obama plan until early June. Meanwhile, the Washington Post reports government initiatives to stem the country’s mounting foreclosures have also been hampered because banks and other lenders in many cases have more financial incentive to let borrowers lose their homes than to work out settlements.