One of the themes that emerged from last week’s Republican presidential debate in Nevada – the foreclosure capital of the United States – is that GOP candidates largely don’t think the federal government should do much to fix the ongoing housing crisis.
Newly released Census data reveal that, as other evidence suggests, the recession has battered some areas harder than others. Census Bureau statistics show that 11.3 percent of residences in the U.S., about 13.2 million homes, stood vacant in 2010. There was a great deal of variation, however, among the 50 states.
WASHINGTON– Only a year ago, hopes were high that a big push by the government to stop foreclosures would be a great success, living up to its billing as “Help for America’s Homeowners.”
Last January started out with a foreclosure moratorium, allowing time for the Obama Administration to put the final touches on Making Home Affordable — its $75 billion signature program aimed at helping 3 to 4 million homeowners. After bailing out banks and the financial system, the administration turned its efforts to borrowers on the verge of losing their homes. The program rolled out with fanfare in the spring. But as 2010 begins, it is already clear that Making Home Affordable has fallen far short of its goals.
One in 33 homeowners will face foreclosure in the next two years because of subprime loans made in 2005 and 2006, according to a study released in April by the Pew Charitable Trusts.
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