Foreclosures Still Rising Along With Unemployment

White House considering more drastic steps

By Mark Huffman, ConsumerAffairs.com

The Obama administration is floating trial balloons this week, suggesting stronger government action may be needed to stem the rising rate of foreclosures.

Housing experts agree that real estate values won't stop falling until the rate of foreclosures stops rising. So far, statistics suggest that hasn't happened yet, and with concerns that unemployment will soon hit double digits, the administration is considering more help for struggling homeowners.

The Reuters news agency quotes administration sources as saying the White House is considering ways to delay foreclosure for jobless homeowners who are unable to keep up with monthly payments. Among the items said to be under consideration are allowing borrowers to delay, defer or skip payments.

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