The housing foreclosure crisis in the U.S. persists, and according to reputable housing and banking industry experts, it is likely to get worse before it gets better. Through August 2008 more than 2 million properties nationwide received a foreclose filing, up more than 50 percent from the same period in 2007, according to the RealtyTrac U.S. Foreclosure Market Report. RealtyTrac projected that if this trend were to continue, as many as 1 million Americans could lose their homes to foreclose by the end of the year. This compares to about 400,000 who lost their homes in 2007. Based on figures released in early January 2009, Florida has earned the dubious distinction of having the third-highest level of foreclosure activity in 2008, trailing only California and Nevada.

This article is supporting documentation for the Alliance for Innovation Navigating the Fiscal Crisis white paper.