“The damage has been as bad as anyone imagined so far,” writes Demos senior fellow James Lardner. “Foreclosures, after roughly doubling in the past year, are running at a rate of close to 25,000 a week. That’s an alarming figure in itself, and it points toward the loss of more than 2 million homes in 2008 and 2009 – a number very close to estimates made by consumer groups (and widely dismissed by lenders) in early 2007.”
From a new Demos report, “Beyond the Mortgage Meltdown: Addressing the Current Crisis, Avoiding a Future Catastrophe,” announced June 25, 2008 at a National Press Club event in Washington, DC.
June 26, 2008.