Unemployment drives foreclosure rates higher

Rick Sharga of RealtyTrac talks with Bloomberg's Deirdre Bolton and Erik Schatzker about how record foreclosure rates are no longer being driven by shoddy lending practices, but by sharply higher rates of unemployment in many parts of the country.

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A Reuters report indicates that Las Vegas had the highest foreclosure rate at 7.5 percent, one out of every 13 mortgage borrowers receiving a default or auction notice during the first half of the year. This is six times the national average of just over one in a hundred.