Fiscal Stimulus Package Fails to Stem Rising Foreclosure Filings

According to RealtyTrac, 243,353 foreclosure filings were recorded for the month of April. This was a 65% increase year-over-year and a 4% rise from March. The areas with the highest number of foreclosure filings continue to be the usual suspects. California recorded 64,683, the highest among all the states with Florida, Ohio, Arizona and Texas following behind. Nevada still had the highest rate of foreclosures with one in every 146 households receiving a filing.
Our clever Government officials, despite their attempts to boost the economy by sending everyone a check for $600, have yet again failed to address the real problem in this country. As long as foreclosures are rising, borrowers are defaulting, and homeowners face declining equity, the glut of housing inventories can only rise. A one-time check of $600 does nothing to reverse this situation. What the government should have done was send everyone in America a foreclosed property. All of that "pride of ownership" that was trumpeted by the administration for so many years can now become a reality for every household. I, for one, wouldn't even mind if my free foreclosed property was a condo in Ft. Lauderdale. I would certainly stimulate the economy by flying across the country to see my new digs. As long as the HOA dues weren't too high. And it was on the beach.