16 July 2009
USA property foreclosure levels hit record levels in the first half of 2009 despite a number of government stimulus packages designed to aid the housing industry, according to a report out today.
RealtyTrac Inc report that filings for residential foreclosures in H1 2009 reached 1.9m, up 15% ear-on-year, and a rise of 9% compared to the second half of last year. This means that at least one in every 84 US homeowner with a mortgage got at least one foreclosure filing.
Rising unemployment figures in the states, combined with falling property values, means that a growing number of people are struggling to pay their mortgages, contributing to rising foreclosure rates, and a greater number of US homes in negative equity.
President Obama is desperate to reduce the number of USA properties being repossessed and has already introduced a series of measures designed to help homeowners, such as refinancing loans for borrowers and adjusting terms of loans to suit mortgage owners.
See Also: Marc Da-Silva (269), USA (55), Mortgage (25)
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