Foreclosures increased across a majority of large metropolitan areas The foreclosure crisis in the US has spread across a wider area of the country, according to Realtytrac, which monitors repossession activity.
The organisation said foreclosure notices increased across a majority of large metropolitan areas, with Chicago and Seattle seeing a sharp rise in foreclosure warnings.
Previously, these cities had seen relatively low levels of activity.
California, Nevada, Florida and Arizona remain the worst affected areas.
They accounted for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, reported RealtyTrac.
The trend is the latest sign that the US foreclosure crisis is worsening as homeowners – facing high unemployment, slow job growth and uncertainty about house prices – continue to fall behind on their mortgage payments.
The controversy over whether banks mishandled eviction documents was not a factor over the July-to-September quarter monitored, said RealtyTrac.
Earlier in the week, data from rating agency Standard and Poor’s showed that US house prices also began falling again in August, mainly in response to the expired tax credit.
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