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.

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I just showed this to my husband.  We are speechless.  Well, I wasn't speechless when I first read it, but I managed to get that under control.

Thanks for posting this.  CNN has been really annoying us lately... so we're ignoring them.

If not, perhaps more? Our home is one of the 936,439 that the banks now own. There are easily another million or more that will be foreclosed on soon.

Hey, Countrywide! Can you spare a home? I see the one you took from us is still sitting there empty...

 The Bush administration and the GOP have plenty of the blame to share but where in the world are the Democrats?  They control both houses of Congress and I am pretty disappointed they have not returned to Washington immediately after the elections.  

The nation is having a major economic crisis that would you would believe would have every one of them back in D.C. at work to do what they can to pull us through.   Instead, they passed a major bailout bill, hauled tail out of town for the elections as they handed Treasury the equivalent of a debit card with a limit of several hundred billion dollars.  Treasury happens to be populated with many former employees of the same firms who are competing with homeowners for relief.  Who do you think is winning out?  And did Congress think to take care of putting a little oversight in place to keep an eye on things in their absence?  According to ABC News, NO!

Take the White House: it was supposed to name a special inspector general to eyeball the bailout, according to the emergency legislation President Bush signed into law Oct. 3. To date, though, no one has been named.


Since last month, the bailout effort has churned out over $170 billion to dozens of banks, signed contracts with voided conflict-of-interest clauses  and generally operated with many of the normal rules of government hiring and spending largely sidelined.


Party leaders on Capitol Hill were supposed to name a special oversight commission to check how the bailout was using its legal authorities, according to the law. But over a month has passed without a single name put forward.


They might want to pick up the pace: the panel has its first report due Jan. 20, 2009, according to their legislation.

We know what is happening in their abscence.  So why in the world are they not back in session?  Yes there are some committees holding hearings but there is no excuse for them not making our business their priority.

And as you all know... I was against bailing out the banks in the first place. Not one house has been saved for homeowners. And they never will be as long as the banks have enough money to sit on empty homes.

And, of course, why the sudden burst of foreclosures? State moratoriums on forelclosures don't go on forever... And the banks aren't going to refinance anyone.

I'm hoping they catch a little bit of what Obama has.  If not for him, I'd have given up. 

I became an Independent since 2006... because I was worn out by cave after cave after cave.  Pelosi and co. never grasped that we elected a Democratic majority for a reason.  We sent them there to push back; to take back our government.  Instead they just handed it away.  I'm sure they still don't get it.  "They love us!  Everyone voted for us!"  NO... we have no other alternative if we want to get rid of the Neocons.  And we trust 'that guy.'  The rest of you came along for the ride.

It's obviously past my bedtime.