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DES MOINES, Iowa (AP) — A new report shows that foreclosures in Iowa have hit a record as homeowners struggle to make mortgage payments during an anemic job market.
The report from the Mortgage Bankers Association shows Iowa's foreclosure rate rose to 2.82 percent in the second quarter. That's up from 2.49 percent a year earlier and 2.77 percent in the first quarter.
The nation's foreclosure rate was 4.57 percent in the second quarter.
Local housing experts say subprime loans and resetting adjustable-rate mortgages continue to sandbag borrowers, while a federal home loan modification program is failing to help homeowners.
Chris Neubert of Iowa Citizens for Community Improvement says his clients are beginning to replace jobs lost over the past year or two. But a job isn't enough to save their homes.
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