85,000 Homes Foreclosed Last Month

Are you beginning to grasp the scope of this issue? I am watching CNN and they are reporting 85,000 homes had the padlocks put on the front doors of the homes in the final act of foreclosure.

That is almost 2742 homes per day.

That isn't even the high watermark as the flood of foreclosures are killing American families:
A total of 936,439 homes have been lost to foreclosure since the housing crisis hit in August, 2007.

Foreclosures hit a record high in August when 304,000 homes were in default and 91,000 families lost their houses. Since then, a number of states have adopted legislation to freeze foreclosures and give homeowners a chance to modify their mortgages. These laws have helped slowed the rate of foreclosures.

"The really sobering reality for us is that despite these various state programs that are artificially keeping the numbers down, we are still up 25% from a year ago," said Rick Sharga, senior vice president of RealtyTrac.

Making matters worse is the rapidly deteriorating economy, says Global Insight economist Pat Newport.
And their answer?

Help 1.7% of the homeowners that are struggling. Nothing for the millions of people in the families that have already gone under. And nothing for 98.3% of the homeowners that are struggling, on the edge or already slipping through the cracks.

Yeah... That is some great plan! Another plan that helps less than 2% of the people that are struggling.

Bullshit solutions from the asswipes that put us in this mess. You can thank Bush and the GOP for their whole perverted ownership society that started this national disaster.

[update] Not one single home has been saved as Paulsen has dumped Billions into the banking assholes that profited from this mess:

In The Know: Should The Government Stop Dumping Money Into A Giant Hole?


Distributorcap said...

this whole bailout is one GIANT scam ----- and we are paying for it and will be paying for it for a long long long time

John Karavas said...

For Senior Homewoners (62+) the Reverse Mortgage (RM) is available to almost all who are senior homeowners regardless of income potential or credit history. For those who have equity in their home, but stand to lose it because of past due mortgage (or property tax) payments, the RM is a resource that should be seriously considered. Seniors or children of seniors there may be absolutely no reason for a senior home owner to go through the stress of a foreclosure. (John of jkaravas.com)

Connecticut Man1 said...

I agree distributorcap.

As for reverse mortgages? Why should any senior citizen ever be put in a position, after working their whole lives to pay for that home (probably the only equity they may have), to have to consider selling their home, nevermind pretty much giving it away to reverse mortgage scams.

Reverse mortgages are not a solution, they are the symptom of a seriously messed up society.