Foreclosures Up In 75 Percent Of Top U.S. Metro Areas

Source: Reuters

Foreclosures rose in 3 of every four large U.S. metro areas in this year's first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday.

Unemployment was the main culprit driving foreclosure actions on more than 1.6 million properties, the company said.

"We're not going to see meaningful, sustainable home price appreciation while we're seeing 75 percent of the markets have increases in foreclosures," RealtyTrac senior vice president Rick Sharga said in an interview.

Foreclosure actions -- which include notice of default, scheduled auction and repossession -- in the first half rose in 154 of the 206 metro areas with populations 200,000 or more.



Read more: http://www.nytimes.com/reuters/2010/07/29/news/news-us-usa-housing-foreclosures.html?ref=news

---

They predict banks will foreclose on a record 1 million mortgages this year and more than 5 million loans are seriously delinquent.

the Alt-A and Option ARM wave, which will actually be more intense than the sub-prime wave.

where the real estate market is fairly strong the foreclosures are huge. :( This morning I was looking on zillow and just within blocks of me there are at least 15 homes in foreclusure.

thanks for posting this.

:kick: