More Foreclosures Are Due to Job Losses
by
Francine Huff
November 6th, 2008
November 6th, 2008
The wave of foreclosures that has rocked the U.S. has in large part been blamed on bad loans. But according to CNNMoney, an increasing number of people are losing their homes because of job losses. Freddie Mac reported that 46% of foreclosures in June were related to unemployment or loss of income.
“The two economic factors that most contribute to foreclosures are falling home prices and rising unemployment,” Richard DeKaser, chief economist for National City Corp. told CNNMoney. “It’s hard to pay your mortgage when you don’t have a job.”
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