U.S. foreclosures climb

Continued job losses in the United States are resulting in more home foreclosures, threatening to stall any economic recovery. The U.S. Mortgage Bankers Association said on Thursday that a record one in seven U.S. home loans was past due or in foreclosure at the end of September, the highest quarterly level since the association began reporting the data in 1972. Earlier this year one in 10 loans was past due or foreclosure. The group expects delinquencies to keep rising until the U.S. unemployment rate tops out in the first half of next year.

Los Angeles Times