This month saw the second most number of Americans facing foreclosures ever, fueled by a job market that is uncertain and unstable, allowing banks to take over a lot of homes at a relatively small amount of time. The instability of the job market has resulted in home owners unable to pay for the homes, and so a lot of these homes were repossessed by banks.

According to Realty Trac, which is a data company, the main cause is due to economic displacements and unemployment.  This is according to Rick Sharga, who is the vice president of the data company. Furthermore, the company stated that the entire scenario is a reflection of project management, and not necessarily fixing the main cause of the problem in the first place.

Data shows that around 92, 858 homes were repossessed by banks in the month of July. This is 9 percent higher than the previous month and 6 percent higher than the previous year, and is just a few homes shy of the record 93, 777 homes which was recorded in May. This value in May is in fact the largest ever recorded by Realty Trac, which started counting repossessions in the US during April of 2005.