1 in 22 families losing home

Posted on November 22nd, 2009 in All Articles, Financing, Market Conditions.

Center for Responsible Lending – 2009 Foreclosures at 2.9 Million

The Mortgage Bankers Association (MBA) reported that a record number of loans — 1 in 7 — is delinquent, up from 1 in 10 a year ago. The numbers also show that 1 in 22 families in the United States is in the process of losing their home, up from 1 in 34 this time last year- that’s gonna rack up 29 million Foreclosures.

In my opinion 29 Million foreclosures demonstrates the need for a Consumer Financial Protection agency that Obama proposed. Hopefully well get one in 2010.