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.