BURLINGTON, Vt.—A state banking official says the weak economy is to blame for the rising home foreclosure rate throughout Vermont.
State statistics show that in Chittenden County home foreclosures increased 119 percent during the first six months of the year compared to last year. Statewide, the pace of foreclosures increased 50 percent.
The Mortgage Bankers Association says Vermont has the best mortgage payment history of any New England state.
Deputy Banking Commissioner Tom Candon says the foreclosures are mainly because jobs are being lost or people are making less money.
Vermont hasn't been hit as hard by the turmoil in the nation's real estate market as other parts of the country.
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Information from: The Burlington Free Press, http://www.burlingtonfreepress.com
