Factoids That You Can Use

Despite massive efforts by the Obama Administration to head off foreclosures, homeowners are bailing out of their financial obligations at a record level. Figures released by RealtyTrac show that foreclosures rose sharply in March. A total of 367,056 home foreclosures were recorded, a 19 percent jump from February. It is the highest monthly total since RealtyTrac began its reporting. Moreover, nearly 260,000 properties were repossessed by lenders in the first quarter of this year, a whopping 33 percent increase since the same period in 2009. According to government figures, a paltry 6 percent of the 3.39 million homeowners facing foreclosure have participated in the federal bailout program. According to analysts, the problem is the government bailout of homeowners is only a band aid solution. It offers temporary help to people who can no longer afford their mortgage. Once the financial assistance expires, homeowners are forced to accept foreclosure. The much praised federal program has been an utter failure by any standard and it offers a sad commentary on the government's ability to address economic problems.