One Million People Will Lose Their Homes This Year

The number of people who will lose homes to foreclosures continues to grow.


More than 1 million people are expected to lose their homes to foreclosure this year. This number is up from 900,000 who lost their homes last year. Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released by RealtyTrac, Inc. It seems to us that with numbers like this, the banks aren't truly invested in helping people keep their homes. Instead, it looks as if the banks are invested in having people lose their homes to foreclosure so they can make money from the foreclosed owner and the new owner. We won't even mention the reportedly copious amounts of time spent waiting for loan modifications, most of which are not approved even after being pre-approved, which forces many owners with jobs into foreclosure. We're not sure if these numbers are a reflection of the economy, inefficiency by the banks, the continued greed of the banks or a combination of them all. We're just glad we're not in the business of putting people out of their homes for profit.

Read more at Yahoo News.

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