Foreclosures More Common in 2009

As expected, foreclosures in the United States are up so far in 2009. According to a report by RealtyTrac, the first half of 2009 saw a 15% rise of United States households that are on the brink of losing their house to foreclosure.

The jump in foreclosures and near-foreclosures is tied to the economy and the rising unemployment rate. The unemployment rate is especially damaging since it’s difficult to get another job in a timely manner due to companies cutting jobs across the board. As a result, many families have lost their homes prior to being able to find another job.

In all, approximately 1.5 million homes are thought to be on the brink of foreclosure. In June alone, the year-over-year increase in foreclosure filings was up in excess of 33%. From May to June, there was an increase of about 5%.

The states hardest hit by this foreclosure epidemic are Nevada, Arizona, Florida and California. In Nevada, 6% of all homes were receiving foreclosure filings.