Foreclosures up in most U.S. metro areasNews added by ProWEB Media on July 29, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Foreclosures increased in the majority of U.S. metro areas during the first half of 2010, according to Realtytrac.

The real estate data company cited high unemployment rates as the main factor in the increase.

According to RealtyTrac senior vice president Rick Sharga, "We're not going to see meaningful, sustainable home price appreciation while we're seeing 75 percent of the markets have increases in foreclosures."

Foreclosure actions, which include notice of default, scheduled auctions and repossession, rose in 154 of 206 metro areas during the first half.

Sharga predicted that the industry won't see significant price appreciation until 2013, and added that he doesn't expect a double dip in the housing sector.
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