Foreclosures hit a record high” and more coming - June 6th 2008

Foreclosures hit a record high” and more coming - June 6th 2008

AP Economics Writer

Published on Friday, June 06, 2008

WASHINGTON (AP) — The foreclosure hammer is hitting ever harder. People lost their homes at the highest rate on record in the first three months of the year, and late payments soared to a new high, too — an alarming sign that the housing crisis and its damage to the national economy may only get worse.

Dumping more empty homes on an already glutted market also is likely to put a further drag on home prices — extending a vicious cycle.
Slumping home values are being blamed in large part for the rising tide of foreclosures. Troubled borrowers are left owing more to the bank than their homes are worth. They can’t sell without taking a huge financial hit, so they just walk away.

In fact, Americans’ equity in their homes — usually their single biggest asset — now has dropped to the lowest level on record in figures going back to the end of World War II. Homeowners’ portion of equity fell to 46.2 percent, which means the amount of debt tied up in their homes exceeds the equity they have built up....

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Nice Touch!


Thanx for not only the article but more importantly, you included its citation (who, what, and when)...PLUS kudos for the link to follow up on the article itself! Smiling

Seems like I am learning everyday and in fact, its not JUST the content, but more importantly, hearing others' thoughts/experiences from multiple perspectives has REALLY been a learning experience!

In particular, while we "play nice" together, it's cool to hear two competing thoughts, almost a Ying/Yang effect that allows us to begin to see that there may be MULTIPLE ways to succeed...

Kind Regards, wib


"All great social and intellectual movements begin with a group of interested friends." CS Lewis

And we know that for those who love God, that is, for those who are called according to his purpose, all things are working together for good.
Romans 8:28 - International Standard Version (©2008)

good article.....

debbiejo, i am impressed, you have been learning, good job, SULLY.



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