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PreviewAdvancedSpecial charactersHelpHeadingLevel 2Level 3Level 4Level 5FormatInsertLatinLatin extendedIPASymbolsGreekGreek extendedCyrillicArabicArabic extendedHebrewBanglaTamilTeluguSinhalaDevanagariGujaratiThaiLaoKhmerCanadian AboriginalRunesÁáÀàÂâÄäÃãǍǎĀāĂ㥹ÅåĆćĈĉÇçČčĊċĐđĎďÉéÈèÊêËëĚěĒēĔĕĖėĘęĜĝĢģĞğĠġĤĥĦħÍíÌìÎîÏïĨĩǏǐĪīĬĭİıĮįĴĵĶķĹĺĻļĽľŁłŃńÑñŅņŇňÓóÒòÔôÖöÕõǑǒŌōŎŏǪǫŐőŔŕŖŗŘřŚśŜŝŞşŠšȘșȚțŤťÚúÙùÛûÜüŨũŮůǓǔŪūǖǘǚǜŬŭŲųŰűŴŵÝýŶŷŸÿȲȳŹźŽžŻżÆæǢǣØøŒœßÐðÞþƏəFormattingLinksHeadingsListsFilesDiscussionReferencesDescriptionWhat you typeWhat you getItalic''Italic text''Italic textBold'''Bold text'''Bold textBold & italic'''''Bold & italic text'''''Bold & italic textDescriptionWhat you typeWhat you getReferencePage text.<ref>[https://www.example.org/ Link text], additional text.</ref>Page text.[1]Named referencePage text.<ref name="test">[https://www.example.org/ Link text]</ref>Page text.[2]Additional use of the same referencePage text.<ref name="test" />Page text.[2]Display references<references />↑ Link text, additional text.↑ Link text==Recent trends== In 2009, the [[United States Congress]] tried to rescue the economy with a $700 billion bailout for the financial industry; however, there was a growing consensus that the deepening collapse of the housing market was at the heart of the country's acute economic downturn. After spending billions of dollars rescuing financial institutions only to see the economy spiral even deeper into crisis, both liberal and conservative economists and lawmakers pushed to redirect an economic stimulus bill to what they saw as the core problem: the housing market. But beneath the consensus over helping the housing market, there were huge differences over who should benefit under the competing plans. Democrats wanted to aim money directly at people in the greatest distress; and Republicans wanted to aim money at almost all homebuyers, on the theory that a rising tide would eventually lift all boats.<ref>{{cite news | url=https://www.nytimes.com/2009/02/04/us/politics/04housing.html?adxnnl=1&adxnnlx=1323200944-ZaxvCHJppB7hsDNuoU9smg | work=The New York Times | first=Edmund L. | last=Andrews | title=Both Parties Move to Aid Homeowners | date=2009-02-04 | url-status=live | archive-url=https://web.archive.org/web/20170822062517/http://www.nytimes.com/2009/02/04/us/politics/04housing.html?adxnnl=1&adxnnlx=1323200944-ZaxvCHJppB7hsDNuoU9smg | archive-date=2017-08-22 }}</ref> In 2010, there was a 14% increase in the number of homes receiving a default notice between July and September. In that year one in every 45 homes received a foreclosure filing and the problem has become more widespread with the increasing rates of unemployment across the nation. Banks have become extremely aggressive without much patience for those who have fallen behind on their mortgage payments, and there are more families entering the foreclosure process sooner than ever. In 2011, banks were on track to repossess over 800,000 homes.<ref>Associated Press. "Sharp Rise in Foreclosures as Banks Move in – Business – Real Estate – Msnbc.com." NBC News – Breaking News, Science and Tech News, World News, US News, Local News- NBC News. NBC News, 13 October 2011. Web. 4 December 2011.{{cite web |url=http://www.nbcnews.com/id/44885991 |title=Sharp rise in foreclosures as banks move in |website=[[NBC News]] |date=13 October 2011 |access-date=2011-12-06 }} NBC News.</ref> In 2010, the highest rates of foreclosure filings were in [[Las Vegas, Nevada]]; [[Fort Myers, Florida]]; [[Modesto, California]]; [[Scottsdale, Arizona]]; [[Miami, Florida]]; and [[Ontario, California]]. The geographic diversity of these cities is made up for by the fact they these are all relatively metropolitan areas. Big cities like [[Houston, Texas]] saw a 26% increase in 2010, 23% in [[Seattle, Washington]] and 21% in [[Atlanta, Georgia]]. These cities had the lowest rates of unemployment. On the opposite end of the spectrum, the cities with the lowest rates of foreclosure were Rome, NY; South Burlington, VT; Charleston, WV; Bryan, TX; and Tuscaloosa, AL.<ref>Hoak, Amy. "Top 10 Cities Where Foreclosure Rates Are Highest – MarketWatch."MarketWatch – Stock Market Quotes, Business News, Financial News. The Wall Street Journal, 27 January 2011. Web. 4 December 2011.{{cite web |url=http://www.marketwatch.com/story/top-10-cities-where-foreclosure-rates-are-highest-2011-01-27 |title=Top 10 cities where foreclosure rates are highest |access-date=2011-12-06 |url-status=live |archive-url=https://web.archive.org/web/20111206013058/http://www.marketwatch.com/story/top-10-cities-where-foreclosure-rates-are-highest-2011-01-27 |archive-date=2011-12-06 }}.</ref> Not surprisingly, these areas had some of the highest nationwide rates of [[unemployment]], helping to further demonstrate this correlation. A quote from [[RealtyTrac]] CEO James Saccacio summarizes the recent trends: <blockquote>“Foreclosure floodwaters receded somewhat in 2010 in the nation’s hardest-hit housing markets. Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep fault-lines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond.”</blockquote><ref name="Allen"/> As per the foreclosure data report of RealtyTrac for January 2014, 1 in every 1,058 homes in U.S received a foreclosure filing. This figure falls in the higher spectrum of foreclosure frequency. As of August 2014, the foreclosure rate was 33.7%, 1.7% up from the last year. The rise in foreclosure activity has been most significant in New York and New Jersey, the two most densely populated areas in U.S. Closely following them is Florida.<ref>{{cite web|url=http://blog.4506-transcripts.com/2014/09/22/housing-market-recovery-myth-or-reality/|title=Housing Market Recovery: Myth or Reality|date=22 September 2014|website=4506-transcripts.com|access-date=8 May 2018|url-status=live|archive-url=https://web.archive.org/web/20141014075637/http://blog.4506-transcripts.com/2014/09/22/housing-market-recovery-myth-or-reality/|archive-date=14 October 2014}}</ref> Summary: Please note that all contributions to Christianpedia may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here. You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see Christianpedia:Copyrights for details). 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