Unfortunately more people are singing the mortgage blues as foreclosure filings increased 81 percent. Some people looked over the edge and recovered, because the statistics mean that homeowners received at least one foreclosure notice. Some homeowners may have recovered, but the news is grim. Statistics show the worst economic fallout since the great depression.
U.S. foreclosure activity jumped 81 percent in 2008, with one in every 54 households getting at least one filing notice, suggesting various state laws and private programs to slow the process have been ineffective, RealtyTrac reported on Thursday.
One in fifty-four means if you go to a baseball game, your child’s soccer game, etc., one person in ever two rows of seats is in danger of losing their home. Further analysis should tell us how bad the problem is by age and ethnicity, but senior advocates claim a full 33 percent of subprime was aimed at seniors over 55, with little regard to gender or ethnicity.