U.S. foreclosure rates climbing

June 10, 2008 12:28PM

Foreclosures continue to increase across the country. Moody’s Economy.com predicts defaults on primary mortgages will rise to 2.2 million, up from 1.4 million in 2007. In 2009, Moody’s estimates the number will reach 1.6 million, and finally start to decrease only in 2010. The first responders to foreclosed homes are usually neighbors, sharing the responsibility of maintaining the homes and preventing vandalism. This month, The Real Deal examined the soaring number of bank-owned homes in New York City. [USAToday] and [Kiplinger]

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