2009 was not the best year for foreclosures. In fact, it was the worst year ever in that department. More than 2.8 million homes were threatened with foreclosures last year, a figure that was 21 percent higher than in 2008. More and more homeowners fall into the abyss, even as the President and his cabinet try and help.
92,000 homes were repossessed in the month of November alone. And experts say that these numbers could have- and should have- been higher. Since the loan modification program was enacted back in March, more than 760,000 homeowners have received some sort of help. The problem may be that just 31,000 of these loan modifications have been made permanent. Still, a serious attempt is being made to save the American public much grief and heartache.
It is tough to imagine what next year will be like. Foreclosures are expected to rise to between 3 and 3.5 million in 2010, and it will take an even more serious effort to keep the real estate market afloat. The main contributor to the foreclosure problem is, of course, the rising unemployment levels that are preventing many Americans from getting the income needed to purchase a home. The Obama administration’s effort has surely helped a small bit, but it by no means nipped the problem in the bud. For any serious progress to be made, we need to fix the unemployment problem. Then maybe we can get back to the good old days.