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Metro foreclosures rise, while debt management may help consumers avoid the tide
By Marvin Milner on Jul 30th, 2010
One problem that can result from debt difficulties is an inability to keep up with mortgage payments.
A recent report from RealtyTrac shows that 75 percent of metropolitan areas saw a rise in foreclosure rates during the first six months of this year. This is despite the fact that nine of the 10 cities with the highest number of filings saw drops during that time.
"If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas," RealtyTrack chief executive officer James Saccacio said.
Of the top cities for foreclosure, Las Vegas continued to lead the pack, followed by Cape Coral-Fort Myers, Florida. Modesto, Merced, and Riverside-San Bernardion-Ontario, all of which are located in California, rounded out the leading five.
There are ways for homeowners to avoid having to face a foreclosure, including a debt management plan. Enrolling in one of these can lead to an easier route in paying off credit cards, which can leave more money for mortgage loans.
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