Two and 1/2 years after the Great Recession later, millions of the nation’s homeowners still remain at risk of foreclosure. An analysis of court records of foreclosure proceedings by the Justice Center of North Carolina and Georgia shows more than 40,000 foreclosure filings by the end of July, and expect a record of 70,000 foreclosures by the end of this year, beating last year’s record of 63,289.
The Obama administration has been quick to protect the bailouts initially given to banks under President George Bush and approved by Congress avoid bankruptcy and consequently millions of more layoffs on top of the 8 million jobs already lost during the Great Recession.
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But the administration has been slow in helping millions of homeowners with their mortgage, that since have lost their jobs, lost the means to pay their bills.
The Obama administration has already helped about 390,000 homeowners, or 30 percent of the 1.3 million who have enrolled since March 2009. But more than 40 percent, or about 530,000 homeowners, have fallen out of the administration’s main effort to assist those facing foreclosure.
Now, the government has announced that $3 billion in funds will be supplied to help the 50,000 unemployed homeowners to avoid foreclosure in 17 states.
In short, the foreclosure problem is likely to get worse until jobs come back. The unemployment rate has increased to about 10% and people are having a hard time finding jobs, which hurts their ability to stay current on their mortgages. Also, unemployment numbers may not be moving much, reflecting that many people have given up looking for jobs.
Many economists are forecasting painfully slow growth for the nation
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