Foreclosures increased over 80% in 2008. The figures are no less scary in 2009:
The foreclosure rates in several states were up significantly lately: Arizona was up 36.1% for September. Florida was not far behind with a 29.67% increase, followed by: Texas 24.38%, Michigan 18.22% and California with a 15.57% increase. All 50 states saw an increase in foreclosures, but not all were as drastic. For example, the increase in Kansas was only 3.65%.
The major increases were driven mainly by changes in urban areas. In Arizona, the statewide foreclosure deluge was fostered by a massive 81.37% increase in Phoenix Foreclosures. Other cities with big increases included: Las Vegas, NV at 47.47%, Atlanta, GA at 39.96%, Chicago, IL at 36.27% and Houston, TX at 33.29 percent.
While the Federal Government is struggling with their impeded programs, states have started to take action to protect the fabric of our society.
I am proud to say that my very own South Carolina was the first state in the union to take action against Foreclosures judicially. In May the SC Supreme Court temporarily stopped thousands of pending foreclosure sales in order to give homeowners more time to take advantage of new federal programs to help them refinance mortgages. The injunction — which mortgage experts said appeared to be the nation's first court-ordered stop for an entire state — prevents judges in South Carolina from finalizing foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that has signed on to a federal assistance program.
In April, the South Carolina legislature has introduced House Bil 3952, which, if adopted during the '09-'10 session, will provide for a 6 months Moratorium on Foreclosures in this state.
Diametrically opposed, Geographically and otherwise, California implemented its own Foreclosure Moratorium in June. Banks in California can no longer foreclose on a mortgage without either renegotiating the loan or giving the homeowner three months’ notice. There have been more than 365,000 foreclosures in California since 2007, with many more already scheduled.
“California is ground zero for foreclosures. We’re getting about 80 to 90,000 foreclosure filings every month. That’s one every 30 seconds, so until we start mitigating the number of foreclosures, our economic recovery is going to be hampered,” said Assemblyman Ted Lieu, the Torrance Democrat who authored the bill.
In Detroit, citizens are organizing a massive movement scheduled for November 7th, asking the state legislators and their Governor to impose a state-wide moratorium on Foreclosures and support Senate Bill 29, which provides for a 2 year moratorium on Foreclosures. The People’s call to action urges: Bail out the people—not the banks!
Meanwhile, Ohio’s legislators are in a heated debate over a 6-month Foreclosure Moratorium already approved by the House.
What we are seeing here is National Movement of MONUMENTAL PROPORTIONS. By taking a stand on this incredibly important issue – Foreclosures – we are seeing increased autonomy of the individual states. Add to the mix a general disgruntlement with our Federal Government and its BIG BUSINESS largess and what we have here is a precipitous movement towards the decentralization of power. Just my two cents’ worth.
The following two movies provide the most thourough information on the Foreclosure Crisis. The House of Cards made my skin crawl. Please watch it and let me know what you think of it. We need to be aware of how we've arrived at this juncture, this moment in history our children will talk about..
Here are a few other interesting sites to keep your finger on the pulse of this Foreclosure Crisis:
I am about to embark on my own journey to help those displaced by this crux. Please stay tuned to my blog roll, for I will soon ask for your help in a very important undertaking, one that will allow us Realtors a unique opportunity to expose the very human factor so visible to us agents, yet so overlooked by the media. There is an opportunity for us to take a stand and contribute to the solution.
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We have definitely noticed it here in Arizona.