KPLC 7 News, Lake Charles, LouisianaForeclosures rise 15% in first half of 2009
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Associated Press - July 16, 2009 12:33 AM ET
WASHINGTON (AP) - The number of people in trouble with their mortgages continues to rise and experts think the problem will worsen through the first half of next year.
According to foreclosure listing service RealtyTrac Inc, more than 1.5 million households received at least one foreclosure related notice during the first half of the year. That's a jump of nearly 15%. Foreclosure filings in June were nearly 5% higher than in May and 33% higher than June of last year.
The Obama administration launched an ambitious $50-billion plan in March to try to get lenders to modify mortgages but experts say it's not having much of an impact. Economist Mark Zandi of Moody's Economy.com says the plan offers lots of incentives but is very complex.
The administration, meantime, is ramping up pressure on lenders to do "substantially more" to make the program work.
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