The foreclosure crisis took an ominous turn Thursday as a new report indicated that foreclosure activity is spreading from states that have been at the heart of the problem into places like Chicago and Seattle.
And a backlog of foreclosed properties may chill the housing market for years to come. Rick Sharga of RealtyTrac, which released the data, said he expects home prices to remain fairly stagnant until 2014.
Everyone is being touched by this now.
Eleven out of the nation's 20 largest metropolitan areas saw increased foreclosure activity in the third quarter compared with the same period last year, according to the foreclosure listing firm.
The top eight metro areas for foreclosures were in Nevada, California and Arizona, said Sharga, a senior vice president.