Over One Million Homes In Foreclosure
1 Million Homes In Foreclosure — by Catherine Morgan (cross-posted at The Care2 Election Blog)
If you are a homeowner with a mortgage, these numbers may be very scary to you…Nearly 1 in 10 Homeowners Face Loan Problems, and More Than A Million Homes Are In Foreclosure.From The Associated Press…
The foreclosure hammer is hitting ever harder. People lost their homes at the highest rate on record in the first three months of the year, and late payments soared to a new high, too — an alarming sign that the housing crisis and its damage to the national economy may only get worse.
Dumping more empty homes on an already glutted market also is likely to put a further drag on home prices — extending a vicious cycle.
Slumping home values are being blamed in large part for the rising tide of foreclosures. Troubled borrowers are left owing more to the bank than their homes are worth. They can’t sell without taking a huge financial hit, so they just walk away.
In fact, Americans’ equity in their homes — usually their single biggest asset — now has dropped to the lowest level on record in figures going back to the end of World War II.
CNN’s Cafferty File asked the question - What does it mean when more than a million homes are now in foreclosure? So far there are over 200 responses to the question. Here are just a few…
Rick writes:
It means maybe, maybe, Washington will begin to realize just how much the American people are hurting. From the mortgage crisis to gas prices, our leaders still have their blinders on. At some point, they’ll have to stop paying lip service to these problems and actually start addressing them. We can only hope.
Linda writes:
People can’t afford gas to get to work or look for work, high unemployment rates, high cost of health care to name a few. How can one make a mortgage payment when they can’t even afford a few gallons of gas?
Rick from West Hollywood, Calif. writes:
1 million homes in foreclosure and a recession “longer and deeper” than anyone realizes mean one thing: George Bush and the GOP’s chickens are coming home to roost. And we are the newspaper lining the chicken coop floor.
Also See:
Video of Ed McMahon - talking about his possible foreclosure.
More Million Dollar Foreclosures
The Housing Crisis Is NOT Over
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