High unemployment in US sets foreclosures record

Source: Press TV
http://www.presstv.ir/detail/162341.html

As unemployment lines grew to staggering lengths in the US, so grew the number of foreclosure signs peppering the lawns of American homes throughout the country.

Foreclosures reached record high numbers in 2010. Realty Trac, says high unemployment drove up foreclosures 72 %in more than 200 major metropolitan areas.

The US housing crisis is far from over. Many of the leading metropolitan areas not hit as hard by the initial waves of foreclosure are being pounded now.

Las Vegas posted the nation's highest metropolitan foreclosure rate.

One out of every nine homes is in foreclosure.

Nationwide, it is 1 in 45 homes. In all, nearly 3 million U.S. homes are being taken back by mortgage lenders.

Americans living in Idaho, Colorado and Atlanta are now experiencing a surge in foreclosures. The Atlanta region posted a 21 % jump in filings last year. Dave Kuhn has been selling real estate near Atlanta for 24 years.

Despite some dips in hard-hit areas, foreclosure levels remain five to 10 times higher than in normal times. And U.S. foreclosures have not yet peaked. Last fall, major mortgage servicers, including Bank of America, delayed foreclosure activity following revelations that foreclosure documents may have been improperly prepared.

Meanwhile, the number of people applying for unemployment benefits rose sharply last week. Applications surged to 454,000, the highest level since late October, according to the Labor Department.

9.4 million people are receiving unemployment benefits. On YouTube, President Obama answered questions about the economy. The Great Recession has been brutal. And at least for now and for millions, the American Dream to have a steady job and own a home has been put on hold.