Foreclosure: The Chariot Of Foreclosure Rumbles On Mercilessly

Foreclosures lead to auctions. Auctions lead to seizure of houses by the lenders – mostly the banks. The number of these more than doubled in October in comparison to the previous year. Lenders seem to have lost patience and have become snappy and aggressive, remarks the spokesperson of a key market observer. Tim Warren of the Warren Group says that before 2007 rolls to an end many more will be crushed under the wheels.

The numbers are mind-boggling. Lenders took over 731 houses in October as compared to 333 in 2006, in Massachusetts – that marks a rise of 119.5%. The lenders have put up notices for 1,190 foreclosure auctions – the stage just before seizures. New foreclosure cases have been initiated against 2,509 more borrowers during the last quarter, showing a 34% rise from the previous year.

During the first ten months of this current year the lenders seized 6,324 units – that meant three times higher the number of houses (2,112) repossessed from January to October 2006. The trend points to dispossession of more Bay State house owners. The Grinch is going to hop from house to house – grinning terror.

The foreclosure fiasco is beginning to tell on the presidential race. Democrat candidate Hillary Clinton called aloud for a moratorium on foreclosures and also for the sanctioning of a fund of $5 billion to hit those in dire distress. Senator Clinton wrote a note to Henry Paulson saying that the administration as well as the mortgage industry must come to a joint understanding living up to the proportions of the foreclosure crisis. Paulson is also trying to broker a deal by which the lenders will voluntarily come forth to extend the low interest rates for periods exceeding the original time limit.

There is a saying that better late than never. It applies to the corridors of power who are at last realizing that when the ships sinks all go down. Foreclosure waves will spare none. While the sub-prime mortgage was on in full swing the authorities turned a Nelson’s eye. With housing prices booming it seemed a good idea to seize more units and make quick profits. But nobody calculated the fall out of millions being razed to the ground by the rolling chariot of foreclosures. Pursuing foreclosures consume money, energy and time. Dispossessed people equal to so many disgruntled vote banks. The writing is on the wall!

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