Foreclosing our national interests

The President, December 16, 2003:

"This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."

Journal Sentinel Online, April 6, 2005:

Last month, more than 28,000 American houses - 57% more than in March 2004 - re-entered the housing market as foreclosed properties- the economic fallout from rising interest rates and slowing house appreciation, property-listing service Foreclosure.com reported Wednesday.
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The hardest hit states: Ohio, Texas, Michigan and Georgia, with more than 2,300 new foreclosures each.

(snip)

"New foreclosure inventory rose in 47 states in March. This signifies a national trend," said Brad Geisen, the company's president and chief executive officer. If mortgage interest rates keep climbing and home values flatten out or drop, he said, "foreclosure inventory will likely continue to rise across the country."