Staten Island New York has the highest foreclosure rate in New York City. But not as large as the other boroughs in percentage. Staten Island falls at 1.6 times the National Average.  Approximately 1 out of every 700 households ends up in foreclosure on Staten Island.

On a Yahoo house search I ran today 315 homes are listed in foreclosure and the homes are not limited to the average price of $400,000. I found homes listed up to 1.8 Million dollars on the foreclosure for sale list.

Homeowners got into trouble in the first place because they were sold on the idea home prices would continue to skyrocket.  Skipping around foot loose and happy blinded by  $$$ signs.  They bought into adjustable mortgages with the idea they could flip property OR fix up the property they already owned. Not taking into consideration as the interest rates would go up so will the monthly payment.

Every home buyer should get within 72 hours of applying for a mortgage a "TRUTH AND LENDING" form which shows all costs involved with a mortgage purchase.

Banks are not going after homeowners 3 - 4 months late on their mortgage because, Banks are not in the business of home ownership.  The average foreclosure takes about a year.  Banks are waiting to see what participation The Federal Reserve will offer.  And, what kind of Life Raft comes out of Congress.

There will be a light at the end of the tunnel for the foreclosure market, But we're not there yet!

Here are a few suggestions to help resolve the problem:

• Temporary moratorium on foreclosure of primary residence.
• Banks have to go back and look at these mortgages in default and refinance at a lower rate.            { there are a lot of Short Sales today where banks accept $40,000 less on property}
• Why not reduce the principal or extend the repayment time and bring monthly payment to a more affordable monthly payment, rather than make Americans homeless.

A saying out on the street today:  People complain about bailing out Wall St. We should be more concerned about bailing out Main St.

President Bush's' rebate plan is a band-aid to the American people of disposable income.   A plan to Target the aid and save millions of tax dollars by reducing the mortgage rates to homeowners already in financial trouble which would give them disposable income every month is a better idea.

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