Foreclosures Going Up Shockingly, Top US Metro Areas Hit Hard

With the coming of the recession between this year and the previous, the country has been hit hard with a loss of jobs and many other incidences. In the same news, the US economy is seemingly at risk with the rate of foreclosures going up by a very shocking rate.

Although in previous years, the foreclosures were said by experts to be due to people taking on mortgages that they could not really afford in the first place, the rising rate of foreclosures in recent times seems to be the result of another trend.

According to real estate data company RealtyTrac, the reason for the increase in foreclosures this year is due to the incidence of unemployment as a result of the economic downturn. Thus, the resulting loss of jobs is giving way to a substantial loss of homes.

Senior vice president of RealtyTrack, Rick Sharga, had this to say about the alarming increase in foreclosure rates, “We’re not going to see meaningful, sustainable home price appreciation while we’re seeing 75 percent of the markets have increases in foreclosures.”

Furthermore, foreclosure increases were found to be affecting three quarters of the largest US metro areas.