Throughout the United States, there were over 850,000 homes that were repossessed, doubling 2007 statistics. Some analysts are predicting that the foreclosure
rate will increase almost twenty percent in 2008, before it begins to slowly taper off.
Although numbers are expected to decrease at some point, the effects are expected to have repercussions for many years into the future. With the foreclosure rate
at all-time highs, it will be a long time before we begin to see the rate fall to normal levels.
Our soon to be President Barack Obama is said to be working on plans to use part of the remaining three hundred fifty billion dollars to go towards keeping
people in their homes. Federal Reserve Bank of Philadelphia president has said that he is expecting the economy to have a slow recovery beginning in
the second half of 2009.
California ranks in the top four for highest rate of foreclosure in the United States. We would have seen even more foreclosures if there wasn't a law that
required the lender to give a thirty day notice before they began the foreclosure process. The law seemed to work initially, but as of recent, it appears that
the lenders, in many cases, have decided to move forward with the foreclosure process rather than try and modify the original loan. Some are predicting that
there will be another surge of foreclosures in or around March 2009.
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