The statistics are staggering. Nearly 528,000 homes were taken over by lenders in the first half of this year and the country is on track to see the repossession of one million homes by the end of 2010. By comparison, in years past, lenders have historically taken over approximately 100,000 homes every year.
Grosse Pointe, Michigan resident, David Fleig sees signs of the damaged housing market everyday in his neighborhood. Fleig says, "The 'For Sale' signs are like weeds." He and his neighbors joke that all houses are "50 percent off."
We want to hear from you! Send us signs of emptiness or recovery on your block. Text the word TAKE to 69866, followed by what you see down your street.
"There have been three foreclosures on my block that I know about" —via text from Denver, Col.
"My area was largely unaffected, relatively speaking. I propose a mortgage holiday of one year, that will jump start the economy and keep the housing market from spiraling down" —via text from Worcester, Mass.