Foreclosures Continue To Rise on Jobs Issue

Irvine, CA, Jan. 27, 2011 -- The foreclosure crisis is getting worse, according to tracking firm RealtyTrac.

The company said that high unemployment and few job prospects are creating problems for  homeowners in a growing number of metropolitan areas.

Foreclosure activity rose in 149 of the country's 206 largest metropolitan areas last year, RealtyTrac said.

Job loss, rather than problem mortgages, has become the main problem behind rising foreclosures.

"We've actually had a sea change in what's causing foreclosures, from the overheated home prices and bad loans to a second wave of foreclosures actually caused by unemployment and economic displacement," says Rick Sharga, a senior vice president at RealtyTrac.

Realtytrac said that 2011 is likely to be another record setting year for foreclosures and repossessions.