Posted by 101livescan on 2/9/09 9:33am
Msg #276908
A New Foreclosure Every 13 Seconds Nationally
CRL Says America Endures a New Foreclosure Every 13 Seconds
2/5/2009
The foreclosure epidemic that ignited today's economic crisis continues unabated, as illustrated by new up-to-the-second figures released by the Center for Responsible Lending. CRL's website now displays a constantly updated counter showing new foreclosure starts this year for the nation and also by state.
The counter is based on data collected by the Mortgage Bankers Association and adjusted to cover the entire market. It graphically depicts the magnitude of home losses as they mount each day. Nationwide, 6,600 foreclosures start every week, or one every 13 seconds, according to CRL. These numbers are adding up to the 2.4 million foreclosure starts expected to occur this year alone.
The national "ticker" links to a U.S. map that includes foreclosure counters for each state. Nearly a quarter of all the states expect more than 50,000 foreclosure starts this year. Texas, Michigan, Illinois and Arizona are projected to have close to 100,000 or more. Sadly, California and Florida will experience the highest level, with the two states expecting 462,000 and 423,000, respectively.
"The time for addressing home losses one-by-one is long over," said Michael Calhoun, CRL's president. "As long as we see this rate of foreclosures, economic recovery will remain out of reach. These counters vividly demonstrate the need for swift and meaningful action to address the foreclosure crisis."
Calhoun warned that policymakers must stop relying on voluntary actions by lenders to stop the downward spiral of home losses. Funds from the Troubled Asset Relief Program should be used to reduce home losses and encourage more loan modifications, the advocacy group argues. In addition, the group believes that there is an effective, tax-free way to stop the foreclosure epidemic by allowing homeowners to get loan modifications through the courts.
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Reply by Glenn Strickler on 2/9/09 12:57pm
Msg #276917
I have relatives in New Mexico who own a ranch on the border and it's a damn war zone down there. They have armed guards around their ranch house 24/7 and their help has been fired on from the other side of the border while rounding up the cattle for market. Yet the media is not covering it, perhaps except for Glenn Beck. And that's only every now and then.
I did not realize myself how bad it was until I visited there last year for the first time in a few years. I can't believe that a judge would not throw out this case. But then again, I can't believe a lot of what is going on these days.
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