Foreclosures rise in 75 percent of metropolitan areas

A man walks in front of a foreclosed home in Palo Alto, Calif. Bloomberg.com is reporting that foreclosures are rising in three-fourths of the metropolitan areas in the U.S.

(AP Photo/Paul Sakuma)

An article on Bloomberg.com is making it clear that the U.S. is still deep in the housing crisis. According to the article, foreclosures rose in 75 percent of metropolitan areas.

"The number of properties receiving a filing more than doubled from a year earlier in Baltimore, Oklahoma City and Albuquerque, New Mexico, the mortgage-data company said today in a report. Notices of default, auction or bank seizure rose more than 50 percent in areas including Salt Lake City; Savannah, Georgia; and Atlantic City, New Jersey," the article states.

Rick Sharga, senior vice president for marketing at Irvine, California-based RealtyTrac blamed the continuing foreclosure crisis on high unemployment. The article said far fewer jobs were created in June than economists had projected.

Las Vegas had the highest foreclosure rate with 6.6 percent of households receiving a foreclosure notice.

Read the full article here.