Free Republic

Foreclosures rising with debt, job losses Adjustable rate mortgages surprise some homeowners By BECKY YERAK Chicago Tribune CHICAGO - Foreclosures on home mortgages are on the way up. Nationally, foreclosures are up 38 percent, higher than in any quarter of last year, property tracker RealtyTrac said. The numbers are even grimmer in the Midwest. Michigan and Ohio, battered by automotive-related job losses, together recorded 45,000 mortgages entering some stage of foreclosure in the first quarter. Those are increases of 91 percent and 39 percent, respectively, compared with last year's fourth quarter. There are many reasons for the growing number of...