Home Foreclosures Rise 5% from Summer to Fall. Why? What else? Unemployment.

In the July to September quarter, foreclosures affected nearly 938,000 properties, compared to about 890,000 in the prior three months, according to a report by Realty Trac Inc.

Foreclosure-related filings are on pace to hit around 3.5 million in 2009, up from just 2.3 million last year... Unemployment is the culprit, and many analysts don’t expect this figure to peak till the middle of 2010...

Zero Hedge: Home Foreclosures Rise 5% from Summer to Fall. Why? What else? Unemployment