288,000 homes seized in quarter - Washington Times

288,000 homes seized in quarter - Washington Times: "Lenders seized more U.S. homes this summer than in any three-month stretch since the housing market began to bust in 2006. But many of the foreclosures may be challenged in court later because of allegations that banks evicted people without reading the documents.

A total of 288,345 properties were lost to foreclosure in the July-September quarter, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service. That's up from nearly 270,000 in the second quarter, the previous high point in the firm's records dating back to 2005."

Comments: Do any of us know where this is heading? Is it wise to prepare by getting out of debt even if one is currently solvent? I think so. Debt is a killer in economic downturns and we may have further to go. Being out of debt is always good anyway.