Oct 15, 2009 8:34 AM by Associated Press

Foreclosures rise 5 percent from summer to fall

A flood of defaults among people who lost their jobs helped push the number of households caught up in the foreclosure crisis by more than 5 percent from summer to fall.

The defaults overwhelmed a federal effort to assist struggling borrowers.

The unemployment rate - now at a 26-year high of 9.8 percent - isn't expected to peak until the middle of next year.

Rick Sharga, senior vice president for marketing for RealtyTrac Inc., says "the sheer scale of the problem is preventing the loan modification programs from having the kind of impact we'd all like."

The report released Thursday by RealtyTrac says the foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months.


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