August 3, 2007 (LPAC)--Daily reports of mounting home foreclosures do not cease, contradicting the "everything is rosy" in the economy baloney from Bush and his Treasury Sec. Paulson. As Lyndon LaRouche said, the depression is already on, but we have not reached the bottom, this is only the beginning. It is time to wake up. The party is over. The system is coming down. Today, the Star-Tribune (Minn.) reports on a new state study which shows that foreclosures are twice those reported by RealtyTrac which has a national database on this. The study, using data from sheriff's sales of foreclosed properties, showed for 2006 Minnesota had 11,207 foreclosures statewide last year, nearly double the 5,995 previously reported by RealtyTrac.

In addition to Minnesota, new data out today show big jumps in foreclosures in Georgia and California too. In Georgia for the first half of 2007, more than 45,000 foreclosures were filed -- that's one for every 85 households in the state. This translates into a 36% jump in foreclosures from the previous 6 months in Georgia. In California, foreclosures reportedly soared to 17,408 for April-May-June, a 799% increase over last year!

As reality and desperation sets in outside the Washington, D.C. beltway as no Federal action has been taken to avert the foreclosure maelstrom, rear-guard actions are being taken by state and local officials in hopes to cushion the blow of foreclosure. For example, the Cleveland Plain Dealer reported that Cuyahoga County commissioners voted on Thursday to parcel out $3 million to keep some homes out of foreclosure, patch up others that have been abandoned and knock down those that are too run down to save. The package falls far short of what's needed to deal with the county's foreclosure epidemic. Likewise, New York Gov. Elliott Spitzer set up a $100 million "Keep the Dream" refinancing program that will offer at-risk homeowners the chance to refinance their mortgages at a 30- or 40-year-fixed rate to avoid foreclosure.

Meanwhile, New York City Comptroller William Thompson established a Foreclosure Prevention Hotline in April of this year, and already the number has received more than 1,200 calls.

Before the millions of homeowners expected to lose their homes this year do so, Congress needs to take up LaRouche's bankruptcy reorganization plan to rescue the nation.

Study LaRouche's 2008 Democratic Platform!