Foreclosures on the rise!!!!
According to the Center for Responsible Lending, a nonpartisan watchdog group based in Durham, North Carolina, there are more than 6,600 home foreclosure filings per day in the US, and with two million this year alone, the flood shows no signs of abating.
Foreclosures, which started with sub prime borrowers, have now moved on to the much bigger prime loan market on the back of mounting unemployment.
Michael Barr, the Treasury Department's assistant secretary for financial institutions, said in congressional testimony last month that more than 6 million families could face foreclosure over the next three years.
"The recent crisis in the housing sector has devastated families and communities across the country and is at the center of our financial crisis and economic downturn.”
*Note: This is why I am here!!!!!
A recent pickup in sales and home prices in some regions has been heralded as a sign that the crisis in residential real estate may be close to bottoming out, after the steepest price decline since at least 1890.
But nearly half of recent sales have been attributed to foreclosures or "short sales" at bargain-basement prices. The Center for Responsible Lending says foreclosures are on track to wipe out $502 billion in property values this year. (Are you in?)
See you at the top!!