The eight-county Sacramento region has seen approximately 20,000 homeowners lose their homes to foreclosure in the last 18 months. We can argue all day long about how many of them brought it on themselves or how many were unfairly targeted by lenders. But there's no doubt about the economic upheaval that's resulted.
The New York Times weighed in on the subject today in an editorial saying another 55,000 American homes will have entered the foreclosure process by this Monday. That's when the U.S. Senate returns to work after leaving town last Friday without having passed a foreclosure prevention bill. The Times is among many increasingly worried about the larger economic implications of so many foreclosures.
Says The Times: "The foreclosure prevention bill is not a cure-all, by any means, but is a way to try to break the cycle."
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