Foreclosures Spread to Middle Class
Foreclosures Spread to Middle Class
October 28, 2009, NEWSWEEK
The foreclosure crisis may be coming to a middle-class neighborhood near you. As joblessness continues to rise and as a person's unemployment lasts on average 6.5 months, roughly 3.4 million homes are expected to go into foreclosure by the end of 2009. That's up from 1.2 million homes in 2007, according to RealtyTrac, a subscription-based site that tracks foreclosures nationwide. "We're not out of the woods yet," says Rick Sharga, RealtyTrac's senior vice president. Sharga recently spoke to NEWSWEEK's Nancy Cook about the various waves of the foreclosure crisis, the future of homeownership and why the Obama administration’s loan-modification program won't stem this latest crop of foreclosures. Click here to read excerpts of Rick Sharga’s NEWSWEEK interview:
U.S. Economy Started to Grow Again in the Third Quarter
October 28, 2009,
Ending a year of contraction, the United States economy grew in the third quarter, the Commerce Department said on Thursday. But even if a recovery is technically in the offing, job seekers likely will not begin to feel the benefits for months to come. The nation’s gross domestic product expanded at an annual rate of 3.5 percent in the three months ending in September, a significant spike from a somewhat shrunken base. The economy had contracted at annual rates of 0.7 percent and 6.4 percent in the second and first quarters of this year, respectively.
Senators Say Homebuyer Tax Credit Is "In the Bag"
October 28, 2009, DS News
The U.S. Senate’s chief Democrat, Majority Leader Harry Reid (Nevada), said Wednesday that his party has reached a consensus to extend the first-time homebuyer tax credit, which is set to expire November 30. Senate Banking Committee Chairman Christopher Dodd (D-Connecticut) has voiced the same sentiment to the media today, as well. But the party support isn’t one-sided. Reuters reported that the chamber’s foremost Republican, Sen. Mitch McConnell (Kentucky), acknowledged that most senators support the measure, quoted by the news agency as saying he shares Reid’s view.