Housing Market

50 Years of Foreclosure

From the department of "Holy Shit."

A new USA Today report suggests the consequences of the Bush "Ownership Society" and Wall Street's mortgage-backed security scam could be with us for many years. Perhaps even 50.

USA Today reports on new research that reveals the extent of the foreclosure crisis. The current pace of foreclosure sales in half the states is so slow that it will take more than eight years in most places to clear the backlog. According to LPS Applied Analytics, it could take states like New York and New Jersey at least 50 years at their current pace to clear the pipelines. Nationwide, there are 2.1 million homes in foreclosure or with seriously delinquent mortgages. The crippling backlog illustrates the continuing impact of the nation’s worst housing-market collapse, which “is likely to weigh on real estate prices in many markets for years to come.”

Hopefully the next congress will be more cooperative with the administration in their efforts to do, well, anything, about the massive foreclosure crisis still hanging over the head of the nation.

Democrats cannot afford to sit at home next election. The nation cannot afford for Democrats to sit at home next election. And we cannot afford to elect, or by lack of action allow someone to be elected, who thinks the answer to the foreclosure crisis is even more foreclosures.