All Time Record: More Than One MILLION American Homes Are Now In Foreclosure

CNN is reporting that more than one MILLION American homes are now in foreclosure.

That is an all time record.

And that is not the end of the bad news. The rate of foreclosures is increasing, so it looks like things are going to get much worse.

But regardless of the evidence, some people still insist that our economy is going to be okay and that this is just a minor, temporary downturn.

It is time for all of us to face the grim reality of the situation that we find ourselves in.

A portion of the source article from CNN is posted below:

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http://money.cnn.com/2008/06/05/news/economy/foreclosure/index.htm?section=money_news_economy

More than one million homes are now in foreclosure, the highest rate ever recorded, according to a trade group which warned Thursday that number will continue to climb.

The Mortgage Bankers Association's first quarter report showed that a record 2.5% of all loans being serviced by its members are now in foreclosure, which works out to about 1.1 million homes. That's up from the 2% of loans, or about 938,000 homes, that were in foreclosure at the end of 2007.

The report also showed that 448,000 homes, or about 1% of loans being serviced, began the foreclosure process during the first quarter. That's up from about 382,000 homes, or 0.83%, that entered foreclosure in the last three months of 2007.