As the hype about Green Shoots continues and the profits roll in on Wall Street - what is the picture on Mainstreet?
On Thursday, RealtyTrac released a report that showed home foreclosures nationally have risen 15 percent for the first half of 2009 compared to the same period in 2008. RealtyTrac’s figures suggest Texas’ foreclosure levels have dipped almost 15 percent compared with the same period last year.
RealtyTrac CEO James J. Saccacio said the record levels of foreclosures come “in spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity….” and are being driven by unemployment and a high number borrowers who owe more on their mortgage than their home is worth.
“Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.”
There seems to be two Americas - those who work in the real world of where people live and the financial system that has other priorities.
It would seem that we are just beginning the work in Pub Media to make a difference in the real world - where we become part of the story ourselves.