"Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48 percent from 176,137 in the same month last year and up 7 percent from April.
According to the RealtyTrac report, one in every 483 U.S. households received a foreclosure filing in May, the highest number since RealtyTrac started the report in 2005 and the second-straight monthly record."
And, meanwhile, back on the corporate ranch:
"Struggling to make ends meet;
CEO pay creeps up only $280K in 2007:As the American economy slowed to a crawl and stockholders watched their money evaporate, CEO pay still chugged to yet more dizzying heights last year, an Associated Press analysis shows.
The AP review of compensation for the heads of companies in the Standard
& Poor's 500 index finds the median pay package added up to nearly $8.4
million. That's a comfortable gain of about $280,000 from 2006.
The 3 1/2 percent pay increase for CEOs came even as the landscape for both
workers and shareholders darkened considerably and the economy was choked by a
housing market in free fall, layoffs and soaring prices for fuel and food."
Previously brewed in New Milford:
On the Sub-Prime Crisis
Many of you already knew that we were probably losing our home in the first wave of foreclosures hitting this state and the country. I have been sort of busy the last couple of weeks with this issue and (some of) you may have noticed that my Blog has been dormant because I have been so busy.
The bad news? We have given up trying to save our home.
The good news? Unlike the many American families that are, right now, living in tent cities (from the morgtage crisis and also from hurricane Katrina) we have been fortunate enough to find a house to rent. And we will not have to move from New Milford, either. The kids are happy about that second part. They have made friends and like living here.
Finding a place to live has not been easy. Being in the first wave of foreclosures, many landlords refused to rent to us. This issue will likely resolve itself for others later on as more and more people with foreclosures and bankruptcies on their credit reports will flood the renters market. For now it is still an issue. An issue we that we kind of lucked our way around.
Lemons Meet Lemonade (Continue reading...)