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Millions Of Foreclosures With A Million More To Come

RNC Communications - July 14, 2011

The Foreclosure Rate Escalates Under Obama, With No Sign of Relief:

“The Number Of U.S. Homes That Received Foreclosure Filings Rose In June For The First Time In Three Months …” (Alexandra Alper, “Foreclosures Resume Rise In June,” Reuters, 7/14/11)

Since President Obama Took Office, There Have Been Over 6.8 Million Foreclosure Filings. (Daren Blomquist, “A Record 2.8 Million Properties Receive Foreclosure Notices In 2009, RealtyTrac, Accessed 3/15/11; Press Release, “Record 2.9 Million U.S. Properties Receive Foreclosure Filings In 2010 Despite 30-Month Low In December,” RealtyTrac, 1/12/11; Press Release, “Foreclosure Activity Off 29 Percent For First Half Of 2011,” RealtyTrac, 7/13/11)

  • The Washington Post: “During His Twitter Town Hall On Wednesday, President Obama Conceded That His Administration’s Efforts To Halt The Tide Of Home Foreclosures Have Been Less Than Satisfactory.” (Editorial, “Obama’s New Strategy To Prevent Foreclosures,” The Washington Post, 7/8/11)

“An Ominous Shadow” Remains Over The Housing Market For the Foreseeable Future:

Processing Delays Mean “As Many As 1 Million Foreclosure Actions That Should Have Taken Place In 2011 Will Now Happen In 2012, Or Perhaps Even Later.” “Processing and  procedural delays are pushing foreclosures further and further out – we  estimate that as many as 1 million foreclosure actions that should have taken  place in 2011 will now happen in 2012, or perhaps even later.” (Press Release, “Foreclosure Activity Off 29 Percent For First Half Of 2011,” RealtyTrac, 7/13/11)

  • “This Casts An  Ominous Shadow Over The Housing Market, Where Recovery Is Unlikely To Happen  Until The Current And Forthcoming Inventory Of Distressed Properties Can Be  Whittled Down To A Manageable Number.” (Press Release, “Foreclosure Activity Off 29 Percent For First Half Of 2011,” RealtyTrac, 7/13/11)

Delays In Clearing More Than 6 Million Home In Default Or Foreclosure Continue To Extend The Housing Crisis. “Yet the delays extend the time to clear the housing market's supply of distressed homes, which pull down prices of other homes. ‘Foreclosures are getting delayed and that will delay the housing recovery, too,’ says RealtyTrac Senior Vice President Rick Sharga. Nationwide, more than 6 million home loans are delinquent or in foreclosure.” (Julie Schmit, “Foreclosure Delays Could Hold Off Housing Rebound,” USA Today, 7/14/11)


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