Thursday, July 23, 2009

More Troubling Housing News

By Robert Gammon
Thu, Jul 23, 2009 at 7:00 AM

Even though the number of foreclosures dropped in the past few months, the total number of property defaults jumped significantly. The development is raising fears that the housing crisis, which looked to be improving, may actually worsen in the months ahead. There were nearly 20,000 default notices issued in the Bay Area from April through June, a jump of 7.3 percent over last year, the Chron reported. More troubling is that a significant portion of the increase occurred in wealthier areas that had been previously insulated from the foreclosure crisis. That means that more middle and upper middle-income residents are having a tougher time making ends meet. If the trend continues, it could lead to a widening of the housing crisis, putting any hope of an economic recovery further in doubt.

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