As foreclosures soar, Jobs are the New Problem

New foreclosure data out today illustrates two important trends. One is that the problem has spread from adjustable rate loans to borrowers with bad credit to prime borrowers, an indication that the weak economy and job market is impacting peoples’ ability or willingness to pay. The other some what counterintutitive trend is that the hardest hit markets are Sunbelt states, not in the Rustbelt where job losses are the greatest.

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