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Foreclosures Up As Unemployment Soars

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Foreclosures Up As Unemployment Soars

Business

Foreclosures Up As Unemployment Soars

Foreclosures Up As Unemployment Soars

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New figures show the number of people in trouble with their mortgages continues to rise. According to foreclosure listing service RealtyTrac Inc, more than 336,000 households received at least one foreclosure-related notice in June. That's 33 percent higher compared to June of last year.

RENEE MONTAGNE, host:

NPR's business news starts with more and more foreclosures.

(Soundbite of music)

MONTAGNE: There have been tens of billions of dollars in government subsidies and numerous programs aimed at keeping people in their homes. But the number of people losing their houses or teetering on the brink continues to rise. A service that lifts foreclosures, called RealtyTrac, says more than 336,000 households received at least one foreclosure related notice in June - that's 33 percent higher compared to June of last year.

Also, banks repossessed nearly 80,000 homes last month. Many people are still struggling with adjustable rate mortgages that have gone up. Rising unemployment is making the crisis worse. And in many cases, even with government pressure, mortgage companies have been reluctant to modify homeowner loans.

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