Executive Intelligence Review
Subscribe to EIR


Foreclosures Soar As Congress Fails To Act on HBPA

Dec. 12, 2007 (EIRNS)—A grim 72,101 more homes nationwide were repossessed by lenders in November alone, up 31.8% from October, according to Sacramento-based Foreclosures.com. This came on top of a 35% rise in repossessions from September to October. In the three months since Lyndon LaRouche, on August 30, proposed the Homeowners and Bank Protection Act (HBPA) to freeze foreclosures nationwide and protect chartered banks, the failure of Congress to act on this crisis, has cost approximately 170,000 American households their homes.

For the year through November, about 527,000 homes have ended up back in the hands of lenders, up 41% from the same 11-month period last year.

Combined, foreclosure and pre-foreclosure filings for the year through November totalled 1.08 million according to Foreclosures.com (other tracking firms report higher totals), 93% higher than it reported a year ago.

Repossessions for ten states with the highest number of filings, year-to-date, are given here, with the percent being the change from the level for January-November 2006:

California     82,085        +424.8%
Texas          62,478        + 15.5%
Ohio           42,225        + 16.1%
Florida        36,393        +156.2%
Michigan       31,895        + 51.6%
Georgia        29,102        + 19.5%
Colorado       25,919        - 21.9%
Illinois       21,851        + 25.2%
Arizona        20,880        +286.8%
Tennessee      17,624        - 12.7%