Truthdig - Ear to the Ground - Nationwide Foreclosure Rate Shoots Up 81% in 2008

			November 10, 2009 Log in / Register
			Text Size

Afghanistan's Sham Army

Kucinich: Why I Voted No

When Voters Disrupt the Tea Party

Goldman Sachs Becomes 'SNL' Punchline

Obama, Netanyahu Meet in Private

When a Time Bomb Is Ticking
By Eugene Robinson

Afghanistan’s Sham Army
By Chris Hedges

When Voters Disrupt the Tea Party
By E.J. Dionne

Kucinich: Why I Voted No
By Rep. Dennis Kucinich

North and South Korean Navy Boats Clash at Sea

Hey Everyone, Pigs Are Smart

Obama, Netanyahu Meet in Private

Remembering the Fall of the Berlin Wall

Russian Cop Canned for Venting on YouTube

Saddam Biography Makes a Splash in Baghdad

Lieberman Jumps to Conclusions About Fort Hood Shooting

Goldman Sachs Becomes ‘SNL’ Punchline

‘Daily Show’ Insta-Classic: What Lurks Within Glenn Beck?

‘Left, Right & Center’: GOP Scores; Unemployment Up; Fort Hood Fallout

Marion Barry Does Reality TV

Steve Fraser on the Crisis of Capitalism
By Steve Fraser

Ni Hao, Mickey Mouse: Disney Goes to Shanghai

Anthropologist Claude Levi-Strauss, Father of Structuralism, Dies at 100

Financial Meltdown 101

A Dig compiled by the editors of Truthdig

Vetting Sarah Palin

A Dig compiled by the editors of Truthdig

Nationwide Foreclosure Rate Shoots Up 81% in 2008

Flickr/respres

We knew this news was bound to be bad, but we didn’t think it would be quite this grim: The number of American homeowners who faced foreclosure proceedings in 2008 passed the 2.3 million mark, an 81 percent increase over the previous year.

AP via Yahoo News:

Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, according to RealtyTrac, a foreclosure listing firm based in Irvine, Calif., which compiled the figures.

Moody’s Economy.com, a research firm, predicts the number of homes lost to foreclosure is likely to rise by another 18 percent this year before tapering off slightly through 2011.

Still, foreclosures—which keep breaking records going back 30 years, according to the Mortgage Bankers Association—are likely to remain well above normal levels for years to come, and that will continue to keep home prices from rebounding.

“Hitting bottom is a lot different than coming off the bottom,” said Christopher Thornberg, a principal with Beacon Economics in Los Angeles.

Read more

More Below the Ad

Advertisement

TAGS: bailout economy foreclosure homeowner mortgage obama property recession

Related Entries

November 9, 2009 Goldman Sachs Becomes ‘SNL’ Punchline
November 9, 2009 When Voters Disrupt the Tea Party
November 8, 2009 Kucinich: Why I Voted No
November 8, 2009 House Passes Health Care Bill
November 7, 2009 The Real Unemployment Number: 17.5%

Email to a friend

Get truth delivered to
your inbox every week.

Previous item: British Foreign Secretary Criticizes 'War on Terror'

Next item: Getting the Story on Gaza

Elsewhere: .

Comments

Are you a Truthdig member yet? Login now, or register with Truthdig.

By Shift, January 15 at 5:53 pm #

I see no evidence that foreclosures will decline. Foreclosures will likely increase as unemployment increases. The replacement of high paying jobs with low paying infrastructure jobs will do little to save overextended middle class two income homeowners who have experienced a job loss.

Additionally, more people will lose faith in the government for their inaction and walk away from their ever price deflating homes.

Government and corporate incompetence will take its toll both in 2009 and 2010 and perhaps beyond. In my opinion, the shyt has not yet hit the fan. As America continues to fail to address the economic slide other countries will cease to lend us money. Then reality will set in.

Report this