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Spread this message with Digg, Del.icio.us, Reddit, or Stumbleupon, and subscribe to the RSS Feed to track articles Housing Crisis Continues – 343,159 Homes Lost This YearE-mail - editor@economyincisis.org |
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Home foreclosures hit an all-time high for the first half of 2008 with 343,159 homes lost, up 136 percent from last year, according to CNN Money. The ramifications of this current crisis have the ability to destroy the U.S. economy, homeowners cannot pay their loans and lenders cannot recoup their money. This mess arose from many variables, but at the heart of the problem is the stagnation of wages earned by the middle class – promoted by involvement in unfair trade policies like NAFTA and the WTO – and the government’s lack of regulatory measures to prevent lenders from offering lucrative sub-prime mortgages. Source CNN Money:
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