Record # of Foreclosure Filings in April

by Leigh Graham · 2009-05-14 12:00:00 UTC
Topics:

In case you were starting to believe those "the economy is on its way up!" whispers!

Foreclosures in April exceeded even March's blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.One of every 374 U.S. homes received a filing during the month...

The article goes on to clearly break down where these foreclosures are congregated: in Rust Belt states and former bubble markets.  Think Michigan vs. Nevada - the latter home to the highest rate in the country, or 1 in every 68 households!

There are a couple silver linings to this awful madness:

consumers have boosted their savings rate to 10-year highs. Smaller houses are newly coveted, bringing the average size of a new home down in 2008 for the first time in 35 years,

Wahoo - no more McMansions???  Promise?  We can build more houses using less land?  Fewer exurbs and snarling traffic?  Really?

Let's celebrate with coffee at Starbucks for less than $2!   It's a whole new world out there!  Get caffeinated - it helps curb the weeping, though perhaps not the frenzied pacing or sleepless, worried nights.

H/t Petulant, who's got more depressing links.

(Photo by hoyasmeg)

Leigh Graham
PREVIOUS STORY:
Report: One in Six Children in the U.S. Are Hungry
NEXT STORY:
Sallie Mae Blinks!

COMMENTS (4)

    Comment Policy

    · All fields are required to comment.

    [X]

    Comments on Change.org are meant for further exploration and evaluation of the campaign on Change.org. To that end, we welcome constructive comments. However, we reserve the right to delete comments which, as determined solely in our discretion: (1) are offensive, abusive, or off-topic; (2) include content solely intended to personally attack the campaign creator, (3) are designed to subvert or hijack comment threads rather than contribute to them; and/or (4) violate our terms of service and/or privacy policy. Repeat offenders may be permanently removed from the site at our discretion. Please also be advised that: (A) we do not actively curate and/or monitor in any manner whatsoever the comments made on the Change.org platform, and (B) the creator of each campaign on Change.org may remove any comment at her/his/its discretion.