Rising Unemployment Rates Could Deepen Foreclosure Crisis

WASHINGTON, DC-The rising rate unemployment in the US has resulted in an increase in the number of homeowners defaulting on mortgage payments and losing their homes to foreclosure.

By GlobeSt News Hub | August 27, 2010 at 01:01 AM

WASHINGTON, DC-The rising rate unemployment in the US has resulted in an increase in the number of homeowners defaulting on mortgage payments and losing their homes to foreclosure.

According to the Mortgage Bankers Association, 9.9% of homeowners defaulted on at least one mortgage payment as of June 2010. Foreclosures and sales of distressed residential properties have placed pressure on the value of homes, rendering the market difficult for sellers. For the full story, go to The Boston Globe.

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