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Firm: Foreclosures Rising in Some Cities.(Brief Article)
Even as the economy improves overall, some markets are likely to continue seeing rising defaults, according to Foreclosures.com, a firm that manages online sales of distressed properties and home loans.
Among the markets that are likely to see persistent home loan defaults are New Jersey, California and Chicago.
California alone accounts for about one fifth of the nation's mortgage debt.
Despite recent data indicating that foreclosure activity has declined in California, rising interest rates may reverse that trend in the near future.
Alexis McGee, president of the company, said the recent six-week surge in mortgage rates marks the end of the downward cycle that brought mortgage rates to a 45-year low. Rising rates will put downward pressure on home prices, she said.
"The affordability of housing is the key driver of ...
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