How unemployment is putting even more pressure on the collapsing housing market
California Housing Crash, Florida Housing Crash, The Economy, Real Estate June 23rd, 2009
At the beginning it was all the easy money and the subprime lending but today, unemployment is becoming the main cause of foreclosures in this country. According to the USA Today:
WASHINGTON — The nation’s foreclosure crisis — once largely confined to only a few corners of the country — is spreading to new areas as the economy teeters. The foreclosure rates in 40 of the nation’s counties that have the most households have already doubled from last year, a USA TODAY analysis of data from the listing firm RealtyTrac shows.
Unlike the foreclosure wave that began in 2007 and was driven by risky subprime loans, the latest increases are the result of the recession, which brought a sharp rise in unemployment across the country, Wachter and others say.
