Analysts say that the high unemployment rate and the jobless recovery are leading to more homes continuing to be in danger of foreclosure. Many homeowners who have lost their jobs in the recession are beginning to drain their reserves and face financial difficulties since finding a new job has become so difficult.
According to information released by RealtyTrac, foreclosure paperwork has been active on over 300,000 homes each month for the past 17 months. While numbers for July were lower than those in July 2009, they were still up 4% over June’s total.
In an excerpt from a story on NPR about how the jobless recovery is affecting homeowners, Marietta Rodriguez of NeighborWorks America, a housing counseling organization, said that some bright signs in the numbers are no reason to become optimistic about the future of the housing market.
She says unemployment continues to be a problem, pushing homeowners over the edge. A