Crises of Housing Foreclosures

The housing foreclosure crisis had reached greater proportions and continue to spread wider across the country in the United States according to Realty Trac,the company the keeps track of the repossession activity.
Foreclosure notices saw an increase in metropolitan areas like Chicago,Seattle and a majority of other large cities that in the past had a less activity of foreclosures. Among the worse areas the foreclosures has effected are Florida,California,Arizona and Nevada. The highest foreclosure time frame was between July and September in the top metropolitan areas.
The high unemployment and slow job growth in the United States has made the foreclosure worsen as many continue to not be able to pay their mortgages,
Wells Fargo is going to check over 55,000 foreclosures documents after they discovered and admit to technical mistakes. There is a suspicion that the banks mishandled eviction papers and in the way they repossessed homes. Some banks admitted that they did not strictly follow the required procedures required in the final steps relating to the foreclosure affidavit’s The banks have no plans to stop the foreclosure process and the refilling might talk longer.
Data rating agency Standard and Poor said earlier this week that the United States house prices began falling again in August, maybe because of the expired tax credit.