Foreclosures up in 75 pct

Inquiring minds are looking aghast at the new data showing US metro foreclosures are up 75%. And that means people on the edge, wishing for price appreciation, are seeing their hopes dim well:

Foreclosures rose in three of every four large U.S. metro areas in this year’s first half, likely ruling out sustained home price gains until 2013, real estate data company RealtyTrac said on Thursday.

Unemployment was the main culprit driving foreclosure actions on more than 1.6 million properties, the company said.

“We’re not going to see meaningful, sustainable home price appreciation while we’re seeing 75 percent of the markets have increases in foreclosures,” RealtyTrac senior vice president Rick Sharga said in an interview.

And near term future doesn’t look rosy either:

Foreclosure actions, which include notice of default, scheduled auction and repossession, in the first half rose in 154 of the 206 metro areas with populations of 200,000 or more.

And the drumbeat continues…


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