LOS ANGELES (AP) -- The foreclosure crisis intensified across a majority of large U.S. metropolitan areas this summer, with Chicago and Seattle -- cities outside of the states that have shouldered the worst of the housing downturn -- seeing a sharp increase in foreclosure warnings.
California, Nevada, Florida and Arizona remain the nation's foreclosure hotbeds, accounting for 19 of the top 20 metropolitan areas with the highest foreclosure rates between July and September, foreclosure listing firm RealtyTrac Inc. said Thursday.
Those states saw housing values surge during the housing boom years. When the boom ended, values collapsed and foreclosures soared.
I feel like I'm beating a dead horse when I state that the "foreclosure crisis" won't be over for at least another 5 years and recovery in the real estate market won't arrive until 2018-2019. I know that seems like a long time but this is how financial crises work. They take time and they burn up huge amounts of wealth before they're contained. While the foreclosure crisis is resolving itself over the next few years, the economy will continue to get stronger and the stock market's going to go ballistic. The seeds of the next boom have already been planted and all it's going to take is time. Most people don't have the patience to wait nearly a decade for all this to happen but my advice is to continue working at your job (if you have one), invest monthly, take care of your family, and watch for the boom to happen right before your eyes.
The mortgage crisis intensified in most areas of U.S. metropolitan areas this summer in Chicago and Seattle - outside the cities of the States that have assumed the worst of the housing crisis - a sharp increase in housing custody of foreclosure.
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