Industry NewsMortgage

Foreclosures: not the same old story

Battered markets see some relief, but problems spreading

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Some housing markets in areas like Michigan, Ohio and Indiana that have become synonymous with foreclosures saw some relief in first six months of the year, but there was an uptick in filings in other markets not previously considered foreclosure hot spots, data aggregator RealtyTrac said today.Trends in RealtyTrac's Midyear 2009 Metropolitan Foreclosure Report suggest that unemployment is driving new foreclosure activity more than the continuing effects of subprime and adjustable-rate mortgage loans made during the boom, RealtyTrac CEO James Saccacio said in a press release.More than 20 percent of the metro areas where filings exceeded the national average were in states not among those with the worst foreclosure problems, such as Oregon, Idaho, Utah, Arkansas, and South Carolina.Markets like Provo, Utah, and Boise, Idaho, have seen large increases in foreclosure-related filings, and as unemployment rates increase in different parts of the country, Saccacio said, "It's very likel...