According to an article posted on abcnews.com, Homes Facing Foreclosure More Than Doubled in 1Q From 2007, “The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier, as weakening property values and tighter lending left many homeowners powerless to prevent homes from being auctioned to the highest bidder, a research firm said Monday.”
Many homeowners that have lost their homes are victims of predatory mortgage practices. Michelle Singletary discusses how these unscrupulous lenders should pay for the harm they have done in her column: Prosecute the Mortgage Sharks
My hometown of Philadelphia put in place a moratorium on all foreclosure auctions for April and implemented other measures aimed at helping slow foreclosures. The Mid-Atlantic area where I reside seems not have been hit as hard as other areas such as Florida and California. The homeforclosure issues across the nation certainly speak to larger issues in the American ecomony. Let's hope these economical issues will change for the better soon; the Fed cut interests rates again, Will the home foreclosure rates in your area spur you to buy a home quicker or wait until the economy is in better shape?