State-by-State Figures: Foreclosure and Housing Wealth Losses
While the White House has threatened to veto a number of housing bills being debated in Congress, including the recently passed Senate housing bill intended to aid families who are in danger of losing their homes, Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC), released reports showing that the subprime foreclosure crisis could cost over $2.6 TRILLION in household wealth from record numbers of foreclosures and falling home prices.
The state-by-state report was prepared by the majority staff of the Joint Economic Committee and shows that nationally, home prices will decline over 11% from 2007-2009 and families in a majority of states will lose over $2.6 Trillion in housing wealth in that same period. Moreover, an additional 1.3 million families stand to lose their homes to foreclosure in 2008 and 2009.
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