Industry NewsMortgage

Foreclosure filings up again in June

RealtyTrac says unemployment driving much of increase
Published on Jul 16, 2009

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by CareyBot

Foreclosure-related filings rose 4.6 percent from May to June, data aggregator RealtyTrac said today, and the 889,829 filings for the second quarter represented a 20 percent increase over the same quarter a year ago.

Unemployment-related foreclosures accounted for much of the increased activity, and the high number of borrowers who find themselves underwater -- owing more on their mortgages than their homes are worth -- represent a potentially significant future risk, said Realty Trac Chief Executive Officer James Saccacio in a press release.