Take a look. Almost 180,000 foreclosures were filed in July. While certainly not all of these will go through, it is sobering to think that the rate per year is around 2 million homes annually, and even more sobering to think that this occurs when there are only 44 million homes with mortgages nationwide. In the local paper, several pages are devoted to foreclosure notices each week--and this for a town of only 20,000 souls.
Notice, by the way, the use of the wrong units in the article. It should not be foreclosures/households, but rather mortgages/ households with mortgages. Moreover, it's calculated on a monthly basis, not an annualized basis; this obscures what's going on by dividing it by 12.
Whatever units are used, it will hopefully become clear that a cartel of government with banks colluding to set money supply and interest rates has a downside.
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