November 16, 2009 - Home foreclosures in the US increased 19 percent in October over a year ago, according to a report released by RealtyTrac, Inc., on Thursday. The number of filings was more than 300,000 for the eighth month in a row.
The figures reflect the continued crisis facing millions of US homeowners who face declining wages and soaring unemployment.
The state with the highest foreclosure rate in the country continues to be Nevada, where one out of 80 homes received a foreclosure filing in October.
The state with the highest absolute number of foreclosures was California, with more than 85,000, followed by Florida, Illinois, and Michigan. These four states accounted for more than 50 percent of all foreclosures in the country.
The continued jobs crisis has been met with indifference by the Obama administration. In a brief statement made on Thursday, Obama emphasized the “limits to what government can and should do, even during such difficult times.” It was necessary to avoid any “ill-considered decision…when our resources are so limited,” he added. (See “Obama announces fraudulent ‘jobs’ summit”)
These remarks pledged to fiscal austerity and “limited government” made clear that the administration will continue to reject any government jobs program or additional stimulus measures. They come after the Obama administration has already handed out trillions of dollars to the banks and continues to spend hundreds of billions on the attempted military conquest of the Middle East and Central Asia.
