"Foreclosure Rates Surge, Biggest Jump in 5 Years"

LOS ANGELES -- A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.

RealtyTrac
Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.

"We're right now on pace to see more than 1 million bank repossessions this year," said Rick Sharga, a RealtyTrac senior vice president.

Foreclosures began to ease last year as banks came under pressure from the Obama administration to modify home loans for troubled borrowers. In addition, some states enacted foreclosure moratoriums in hopes of giving homeowners behind in payments time to catch up. And in many cases, banks have had trouble coping with how to handle the glut of problem loans.

More here - http://www.foxnews.com/us/2010/04/15/foreclosure-rates-surge-biggest-jump-years/

2005 - when the Democrat controlled Congress refused to address the problems with Freddie/Fannie.

I'm thinking unemployment doesn't really pay the bills like a good paying job.

For some reason, Congress and the White House continue to pass job killers and spend like there is no tomorrow. For millions of families, there is no hope and change, no tomorrow.

Where are one million families going to live? Homeless shelters? Car? Streets?

What happened to the hope and change?

Day late and TARP short?