Housing Complex

Thanks to Unemployment, Foreclosures Rise 17 Percent

The Washington Post is reporting that the total number of homes in foreclosure jumped 17 percent from the first quarter to the second quarter of 2009.

Since March, nearly 400,000 people have participated in President Barack Obama's Making Home Affordable program, which pays lenders to lower borrowers' monthly payments, according to the story.

Unfortunately, mounting unemployment, and adjustable rate mortgages–with still rising payments–remain pernicious forces in the  housing market.

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