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Foreclosures Rise As Unemployment Increases

Rising unemployment is aggravating foreclosure scenario across cities and states of the US. A finding by Mortgage Bankers Association says mortgage delinquency rates are rising in states, which have so far been isolated from foreclosure problems. This is happening because of the rise in job losses, the association concludes. These states include the names of Louisiana, Georgia, New York, Mississippi and Texas.

Even the cause of delinquencies are changing owing to rising unemployment. Today, the number of foreclosures involving fixed-rate mortgages is on an increase, which is a major shift from the earlier trend of delinquencies on adjustable-rate mortgages.

Moreover, unemployment is expected to reach its highest level in early 2010, which is likely to depreciate housing prices further.

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