A new wave of foreclosures is affecting areas of the country not previously hard-hit by the mortgage crisis. USA Today reports that these foreclosures are different from the foreclosures at the beginning of the mortgage crisis in 2007. Instead of being caused by risky subprime lending, the recent increase in foreclosures is due to rising unemployment. In the ongoing economic recession, more and more people are losing their jobs and are unable to keep up with their mortgage payments.
To learn more about how unemployment is affecting the housing market, you can read the entire article HERE. If you or someone you know is facing foreclosure, contact a HUD-certified counselor. To find one, call United Way’s 2-1-1 referral service at (800) 427-4626. 2-1-1 can also connect you with resources and information about employment, food, health care, counseling, and other services.