More than 800,000 properties face foreclosure in the first quarter
Foreclosures in the US climbed to a record figure in the first quarter of 2009 as more than 800,000 properties faced a default or auction notice.
The numbers are expected to go up in the next quarter as well mainly due to mortgage borrowers losing jobs as companies look to cut costs during these tough economic conditions.
Homeowners and the real estate industry in general are hoping for more urgency shown by the Obama administration to implement their stimulus package and help facilitate better mortgage plans from the banks and mortgage lenders.
