Foreclosures exceed 1 million last year, expected to grow in 2011

From The Hill: http://thehill.com/blogs/on-the-money/801-economy/137859-foreclosures-exceed-1-million-last-year-expected-to-grow-in-2011

By Vicki Needham –

01/13/11

Foreclosures are expected to peak while prices bottom out in 2011 as the nation’s housing crisis trudges into its fifth year.

Lenders repossessed more than 1 million homes in 2010, up 14 percent from the previous year and the most since 2005, according to a report released Thursday by RealtyTrac, a California-based company that tracks the foreclosure market.

“We will peak in foreclosures and probably bottom out in pricing, and that’s what we need to do in order to begin the recovery,” Rick Sharga, RealtyTrac’s senior vice president, said in an interview at Bloomberg headquarters in New York. “But it’s probably not going to feel good in the process.”

Continue reading at:  http://thehill.com/blogs/on-the-money/801-economy/137859-foreclosures-exceed-1-million-last-year-expected-to-grow-in-2011

So working people get scammed by lying lenders who get bailed out by the government after they hack the mortgages into little tiny pieces and used them as collateral to gamble with.

Now people are being thrown out of their homes and losing their equity.  the banks once again have cheap homes to sell without paying anyone to build them

The rich get richer the working people get fucked.

Class war, not just for the rich anymore.

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