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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: bentway who wrote (88223)9/6/2007 1:48:41 PM
From: GraceZRead Replies (3) of 306849
 
Not quite, if there are 2 million next year, it'll be 1 in 62 American homes or at a rate not seen since the Great Depression. That is if you don't count all the farms foreclosed on (which was where most of the population still lived. I'm descended from a family that lost their farm in the Great Depression.

From the NYT article that the NPR story quoted:

Indeed, what was once a problem confined mostly to economically struggling areas is quickly becoming a national phenomenon. Last year, there were 1.2 million foreclosure filings in the United States, up 42 percent from 2005, according to RealtyTrac, a firm that analyzes such data. At current rates so far this year, RealtyTrac expects foreclosure filings to hit two million in 2007, or roughly one per 62 American households — a rate approaching heights not seen since the Great Depression.

Consider that 1 in 4 families in the Great Depression lost their incomes. 1 in 4 farms were foreclosed on. 200,000 families were evicted from rental housing in NYC alone. I don't think a foreclosure rate of 1% comes anywhere near that debacle. Also, consider just how many of those foreclosures represents RE speculators and investors getting their clocks cleaned.
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