“The foreclosure crisis may be coming to a middle-class neighborhood near you. As joblessness continues to rise and as a person’s unemployment lasts on average 6.5 months, roughly 3.4 million homes are expected to go into foreclosure by the end of 2009. That’s up from 1.2 million homes in 2007, according to RealtyTrac, a subscription-based site that tracks foreclosures nationwide. “We’re not out of the woods yet,” says Rick Sharga, RealtyTrac’s senior vice president.
Sharga recently spoke to NEWSWEEK’s Nancy Cook about the various waves of the foreclosure crisis, the future of homeownership and why the Obama administration’s loan-modification program won’t stem this latest crop of foreclosures. Excerpts: ”
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I will add a comment that more and more of potential clients that come to see me to stop foreclosures with bankruptcy are middle class folks.