Foreclosures are rising across the nation with the situation getting worse in certain areas. According to RealtyTrac, about 1.5 million foreclosures in 2008 were centered in 35 counties, where around 20 percent of U.S. households live. Last year, nealy 50 percent of foreclosures were concentrated in these areas.
The number of homeowners, who are one month late in payment, has gone up to 5.4 million setting a new record. These defaulters constitute about 12 percent of all American home owners. These were the data disclosed by Mortgage Bankers Association in its latest report. Furthermore, 48 percent home owners with subprime adjustable-rate mortgages were behind in their payment schedule.