According to RealtyTrac:
There were 2.82 million foreclosures last year which is a record since they started compiling data in 2005 and they expect more than 4.5 million foreclosures in 2010. The number of households that received a foreclosure related notice rose 21% from 2008. One in 45 homes was sent a filing, which includes default notices, scheduled foreclosure actions and bank repossessions.
Now a word from grandpa:
One of the countless number of government plans to help homeowners is the administration’s Making Home Affordable program. Lenders have offered trail loan modifications to 760,000 eligible homeowners since March 2009. As of November, a mere 31,000 (4.1%) had been made permanent. Geithner’s Treasury Department is to bestow upon us the updated figures Friday, January 15th.
The government is basically naive and ineffective with their designing, implementation and monitoring these programs. Since April 2009, our fearless leaders have released 9 new program requirements and more than 90 modifications for new or revised lender forms.
Not only are we at staggering levels of debt, the return on expended resources is non-existent.
The Council of Economic Advisors consists of three people with a PhD and no experience in the “real world”. Given the 4.1% return on Making Home Affordable, there is potential of a more productive mix. Open for additional suggestions…
a. Two staff with a PhD and one with real life practical experience
b. One PhD and two with some degree and real life practical experience
c. Couple of Masters Degrees with real life practical experience
and a PhD alternate
d. Leave all as it is given the current state of clueless and
spend more money