The foreclosure rates in 40 of the nation's counties that have the most households have already doubled from last year.Most were in areas far removed from the avalanche of bad mortgages and lost homes that have hammered the U.S. housing market. Among the new areas: Boise and Green Bay, Wis.
Unlike the foreclosure wave that began in 2007 and was driven by risky subprime loans, the latest increases are the result of the recession, which brought a sharp rise in unemployment across the country. The number of default notices, auctions and repossessions was nearly 18% higher last month than in May 2008, though it dropped slightly from April.
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