Government Says Foreclosures Rose in Summer

Washington, DC, Dec. 30, 2010 -- Home foreclosures rose over the summer after fewer people at risk received assistance lowering their monthly mortgage payments, according to Office of the Comptroller of the Currency and Office of Thrift Supervision.

About 470,000 homeowners received help either directly from banks or through government programs in the July-September quarter, down 17% from the previous quarter and a decline of 32% from the same period last year.

However, the number of completed foreclosures rose to nearly 245,000 in the third quarter, an 11.2% increase from the previous three months, the office said.

The number of mortgage loans 60 days or more overdue dropped 7.5% to 1.9 million, the government's report said.