3.1 MILLION Foreclosure Filings in 2008!

Hello, dear Reader!

Been on travel for a while and have neglected my blog, but now we're back... and oh, how the news has packed a wallop!

First and foremost, the inauguration of our new President was one of the most exciting events in history! You could FEEL the energy of change in the air, and the way America celebrated was truly heartwarming and inspiring. The most important thing to remember, however, is that actual change takes time, planning, and commitment, so not everything is going to turn around TOMORROW. Let's watch and see how the new Administration handles the crisis. I believe that we will see positive changes in the housing market over the coming period, but that period may take years, and we should all be prepared for that.

As Obama's team initiates new legislation regarding the housing market, I will report it here and accept your comments!

Now, onto the big news.... 3.1 MILLION foreclosure filings in 2008!!! WHAT?

Now, I think we all knew it would be big, but that is an 81% increase from 2007, and a 227% increase from 2006! This is very telling - and even MORE telling is the fact that the 3.1M filings were on 2.3M homes. That means that several hundred thousand homes received MORE THAN ONE foreclosure filing... families faced the foreclosure block more than once.

This, however, doesn't even come close to the number of homes who JUST pulled it out in time - the number of families who came close to the foreclosure filing but were able to scrape the necessary funds together at the last moment. Those numbers are harder to track - the households that are living paycheck to paycheck and have more month at the end of the money.

This is a heartbreaking phenomenon!

Several states have initiated foreclosure moratoriums to slow the tidal wave, which affected last year's numbers. Fannie Mae and Freddie Mac have extended the holiday moratorium through the end of January, and one of Obama's talking points has been to institute a nationwide 90-day moratorium to assist homeowners in distress. You have read earlier posts from me discussing the importance of education throughout the stay, so I would urge homeowners to be prepared for that. If you are in a state that has enacted a moratorium, or if you have a Fannie/Freddie-backed loan, don't take this as a time of rest - this is really the time to be MORE diligent and rectify the financial situation that has caused the missed housing payments.

Remember - education is the key!