As the unemployment numbers increase and go over 2 million for the year, it's only going to get worse. This means more families in trouble and even more houses on the market which will lead to an even worse real estate market. Bush is clearly out of his league so the idea of Obama stepping in now increasingly makes sense. The sooner the grownups get involved the better.
A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday.
That's a 76% increase from a year ago, according to the group's National Delinquency Survey.
At the same time, the number of homeowners falling behind on their mortgages rose to a record 6.99%, up from 5.59% a year ago, the association said.
This means that one in 10 borrowers in America are either delinquent or in foreclosure.
Many of those troubled borrowers are in California and Florida, which have among the highest delinquency rates in the nation.
