Friday, June 5, 2009

Surpassing the one million mark

One million dollars? No.
One million served? Nope.
One million doughnuts? (Today is free doughnut day... so they're on my mind, but...) No.

Then what? One million what? Foreclosures. 1,000,000 foreclosures.

Yesterday The Huffington Post reported in "Dispatches from the Displaced" that according to the Center for Responsible Lending, foreclosures have passed the 1,000,000 mark for 2009! In the same piece they feature our story and this blog. Check it out. Dispatches from the Displaced: Los Angeles Couple Blogs their Foreclosure.

According to the Center for Responsible Lending, every 13 seconds another person/family loses their home to foreclosure. Take a visit to their site where you can see the National Foreclosure Ticker.

I don't really know what to say about that except that it seems like an awful lot for 5 months. And it really drives the point home that we're not alone in all of this.

I was interviewed for a Business Week story that is in today's issue and online. The story is titled: Foreclosure: Now an Upscale Blight and talks about how the foreclosure problem is growing and is not just about subprime anymore.

We see ourselves in this excerpt:
"The biggest factor in this second wave of foreclosures is the inability of distressed homeowners to sell in order to pay off their debts. Prices in bubble cities such as Los Angeles, Phoenix, and Miami are down less at the high end of the market than at the bottom, according to data from Standard & Poor's/Case-Shiller home price indexes. But that's cold comfort to people who haven't managed to sell at all. According to research by the National Association of Realtors, there are enough $750,000-plus homes on the market to cover more than 40 months' worth of demand at the current rate of sales. That's four times the rate of oversupply in the housing market as a whole."

That's crazy, right? Enough $750,000-plus homes to cover more than 40 months' worth of demand?! No wonder it has taken us 9+ months. And we thought one month max. Ha. Ha ha. hahahahah. Joke's on us.

HOWEVER... considering the way things are projected to worsen, we count ourselves extremely fortunate to be so close to our short sale actually happening. And we're not taking anything for granted. We can just keep doing what we're doing and approach every challenge with enthusiasm.

-Los Angeles Couple Blogs their Foreclosure - The Huffington Post

-Foreclosure: Now an Upscale Blight - Business Week

-A California Foreclosure Story: Can you be both broke and happy? - Business Week

-National Foreclosure Ticker - Center for Responsible Lending

-Doughnuts in LA: Where to celebrate National Doughnut Day - L.A. Times

Pssssssst! Free doughnuts today (June 5) at Krispy Kreme (no strings attached)


primetimemom said...

I found your blog via HuffingtonPost and I'm so thankful. We went through a similar circumstance with a short sale last year. After being a homemaker and homeowner from the age of 27 to 48, it was a huge blow to my entire being and my self identity to lose our home. My entire life was decorating and making a beautiful home for my husband and kids. We are now empty nesters and renters instead of homeowners. I am finding the beauty of the simplicity of our life now. I'm enjoying fixing up our bungalow rental and trying to focus on the positive. Our problems also started with the failure of my husband's business and loss of income. We are now enjoying the day to day pleasures like walks on the beach with the dogs. Thank you again for your blog with your lovely writing and musings.

Aldren said...

Everyday, hundreds of homes are foreclose. This is a very bad news to everyone. One of my dear friend experienced foreclosure yesterday, and I really feel bad of what happened. Now, her family is just renting a small home. Foreclosures is one of the effect of our bad economy today.

Love in the Time of Foreclosure said...

Thank you so much for leaving a comment. Wow. I'm glad you wrote in because it really puts things in perspective. All along we've felt like the one thing we've had on our side is that we have relatively fewer burdens and attachments than if we would have gone through this ten years from now. I can't imagine how difficult it had to have been for you and your family. I admire you as it seems you've found a way to the other side- "finding the beauty and simplicity in our life" and "enjoying the day to day pleasures like walks on the beach with the dogs." This is exactly our goal and what we're focusing on- the beauty of simplicity.

I hope you'll keep reading and commenting.

Crystal Trulove said...

Hey, Kudos on all the great media attention. It has been good for me to share the thoughts of another woman unexpectedly finding happiness in the time of foreclosure. Thank you for allowing us all into your personal lives.

Here's my blog post on the day I realized that, despite it all, I was happy:

Anonymous said...

Hi, interesting blog. I'm hoping to see you guys turning the corner soon. This all hit me a few years before everyone else. I went crazy with the plastic and got way deep in debt. Then came a lay off and a lower paying job, then along came a foster son and soon I was in deep trouble. I had to really clamp down and pay things off. I cut up all of my cards and just started repaying like crazy. It too me 4 and a half years, but I am now debt free. [Other than house payments] I approached it as a game, and looked forward to the statements each month to see the reduced balances. It got kind of exciting after a while, because after I paid off the lower amounts, I was paying more to the higher debt cards, and really taking a good wallop at the principal every month. It started slow, but went along at a pretty fast clip at the end. Instead of groaning and moaning when the bills came, I was ripping them open and comparing them with the last few months. It's amazing when I see how much I debt I paid down in such a short amount of time. But it was heck, so I'm glad it's over.

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