U.S. home foreclosures took a steep 30 per cent rise in February compared to February 2008. The increase in foreclosure filings in February jumped nearly 6% from January.
One in every 440 households with loans drew a filing last month, RealtyTrac said. Nearly 291,000 properties in the U.S. got a foreclosure filing in February, the third highest monthly total since RealtyTrac began tracking the data in January 2005.
Foreclosure is on the rise, despite President Barack Obama’s attempt with a $275 billion rescue plan to help home owners avoid foreclosure. Rising unemployment are keeping foreclosure on the rise and many analysts belive that as long as unemployment is on the rise, so will foreclosure.
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