Completed foreclosures hit another monthly record in March as 175,199 homes were lost to foreclosure, up 44 percent from February's record high, according to the latest U.S. Foreclosure Index released today by ForeclosureS.com, a leading real estate information provider.
The number of foreclosed properties was up dramatically from 121,756 in February. Nearly 370,000 properties have been repossessed by lenders so far this year – 18.3 of every 1,000 households – up more than 38 percent from 266,986 in the fourth quarter of 2008, the U.S. Foreclosure Index shows, and up 76 percent from 210,280 in the first quarter of 2008.
In stark contrast, last February Mr. Obama told a crowd in Mesa AZ, in one of the communities hardest hit by the housing crisis, (that his housing plan would) ".... prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone." That was made after Obama released TARP funds for loan modifications in January.
And foreclosures in Mesa AZ are up 40% over last year.
Mr. Obama, your goofy plan isn't working. Get back to the drawing board, although that might be hard to do since no one who voted for you has the guts to say your plan isn't showing any signs of success.
OBAMA HOUSING PLAN GRADE: F