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The foreclosure crisis in USA that has so far been focusing on Arizona, California, Nevada and Florida is spreading its wings to engulf new other states.
The banks are recovering while foreclosures continue to dominate the scene. After having received hefty sums from the government the banks are talking about repaying the money.
In the wake of increasing job cuts in the US, foreclosures have touched a record high in the first quarter. This was revealed by RealtyTrac. A sum of 803,489 houses has received a default notice and some were even seized. The number is 24 per cent more than previous year, according to the California-based agency.
Washington foreclosures are slowly but surely picking up speed. It increased by more than 69% in June as compared to June 2007. From May this year foreclosures rose by 10%. Despite palliatives from government and private bodies foreclosures continue to reign supreme. Year-over-year the state the rate of increase was worse than the national rate of 50%.
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