CHESSNOID

2010 is on track to reach over 1 million foreclosures.  If banks were able to process the pipeline of delinquent loans, then that number might even be higher.  This particular number represents a reality in our economy that is not easily spun into positive news by our government.

Is this economy better now than 2 years ago when President Obama started? No.  Is the economy better now than 10 years ago when President Bush started?  Absolutely not.  Both Presidents have done a poor job in handling our economy. That is why I fear it will get continue to get worse.  President Obama is simply the democrat version of President Bush.  As a matter of fact, this feels like Bush’s 3 failed term.

From the beginning of his campaign many people questioned Obama’s leadership ability and actual accomplishments.  Many supporters blindly elected a man with no experience, so it should not surprise anyone why he and his administration are failing.

Yahoo AP:

LOS ANGELES (AP) — More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.

“That would be unprecedented,” said Rick Sharga, a senior vice president at RealtyTrac.

By comparison, lenders have historically taken over about 100,000 homes a year, Sharga said.

The surge in home repossessions reflects the dynamic of a foreclosure crisis that has shown signs of leveling off in recent months, but remains a crippling drag on the housing market.

The pace at which new homes falling behind in payments and entering the foreclosure process has slowed as banks continue to let delinquent borrowers stay longer in their homes rather than adding to the glut of foreclosed properties on the market. At the same time, lenders have stepped up repossessions in an effort to clear out the backlog of distressed inventory on their books.

The number of households facing foreclosure in the first half of the year climbed 8 percent versus the same period last year, but dropped 5 percent from the last six months of 2009, according to RealtyTrac, which tracks notices for defaults, scheduled home auctions and home repossessions.

In all, about 1.7 million homeowners received a foreclosure-related warning between January and June. That translates to one in 78 U.S. homes.