I don’t know that the reason for our foreclosure crisis is really a secret, but I do believe that there are multiple reasons. However, if you take a look at the most recent statistics dealing with financial reports, you will clearly see that joblessness is at an all time high, even though rates are at an all time low. It doesn’t balance out, and it doesn’t seem fair.
Rick Sharge, the Senior Vice President for RealtyTrac Inc. spoke with Lisa Murphy on Bloomberg not too long ago and gives us some insight into what is happening. I whole heartedly believe that unemployment is a major if not the main contributing factor for the foreclosures. How can anyone pay their bills when they have no income? They simply can’t, and the funny part is that when you lose your job, your unemployment isn’t instant, yet every credit under the sun expects payment from you. Usually, once you do lose your job you are looking at getting one last paycheck, but even so, it should only be an additional two weeks before you get your first unemployment check.
The point is that with joblessness this high, there is no way that people are going to be able to hold up a mortgage payment, or at least it may not be feasible with very little no savings, and depending on how large that payment is, time could run out very quickly for your family.
-Mayer Dallal
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