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An Article
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HOMEOWNERS CALL FOR PRESIDENT-ELECT OBAMA TO APPOINT INDEPENDENT COMMISSION TO DO A COMPREHENSIVE REVIEW
America's Housing Crisis Deepens
November 14, 2008
By
Peter Amherst
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| Washington, District of Columbia - RealtyTrac, an online marketplace for foreclosures, reported today that 84,468 homes were foreclosed on in October. Another 279,561 homeowners received notices of foreclosure filings, which include default notices, auction sale notices and bank repossession. 936,439 homes have been foreclosed on since August 2007, when the housing crisis burst onto the national scene. If foreclosures continue at their present pace - which seems likely - then a million homes will have gone into foreclosure by the end of November.
Rick Sharga, senior vice president of RealtyTrac stated: "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." As companies are laying off workers right, left and center, more homeowners will be unable to pay their mortgage. This puts more homes on the market, and further depresses prices, causing more people to walk away from homes where the mortgage exceeds the value of the home.
Anger is rising at the government for giving billions of taxpayer money to banks, who are not lending it. For example, the government gave Bank of America $25 billion, even though it did not need it. Reports indicate that Bank of America is not lending it out but hoarding it. Some homeowners are suggesting that if that money had been given to help homeowners pay their mortgages, that would have been a more effective way to help the economy.
California has the highest number of foreclosures in the country for the month of October. Nevada has the highest percentage - 1 in every 74 homes, followed by Arizona with 1 in 149, and Florida 1 in 157.
Some homeowners are pointing out that many of those on Wall Street and in the government who got the country into this mess, are the ones who are allegedly trying to solve the problem - and that this could be a significant part of the problem.
Some homeowners are calling for President-elect Obama to appoint an independent commission of homeowners to do a comprehensive review of the entire housing situation in the U.S. If you wish to promote this proposal, you can do so at www.change.gov. |
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