I saw a news report today about an earthquake in China that reportedly destroyed 258,000 homes. I am not making light of the earthquake, but I wondered about our own plight in the United States. Over one million homes are in foreclosure as of the end of June 2008, and the number is climbing every day. Foreclosure is a traumatic event. So was the earthquake in China. But if I had a choice I would opt for the sudden unexpected destruction, rather than the long drawn out stress of foreclosure.
Another similarity is that China has few building codes and many areas are built like a house of cards. So was the American mortgage industry, thus we have the problems we see today. Relief agencies are already on the way to China. For many families in the United States there is no relief from foreclosure, regardless of what the government tells everyone. It appears as though Hope Now was a failure for one million families and counting. Based on average family size that is 2.5 million people affected.