The nation’s foreclosure crisis is worsening as homeowners battling high unemployment, slow job growth and an uneven rebound in home prices continue to fall behind on their mortgage payments.
In all, 154 out of 206 metropolitan areas with at least 200,000 residents posted an annual increase in foreclosure activity between January and June.
Notices for defaults, scheduled home auctions and home repossessions are all warnings that can lead up to a home eventually being lost to foreclosure.
The latest figures show the threat of foreclosures is spreading well beyond the top tier of metropolitan areas located in California, Florida, Nevada and Arizona, which have borne the brunt of the fallout from the housing crisis.
Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.