September 18, 2007 (LPAC)-- Foreclosures for the month of August more than doubled from last year, and are now above 243,000 for the month of August alone. Foreclosures include defaults, scheduled auctions, and bank repossessions. This figure is a significant 36% jump from even the month before, according to figures compiled by RealtyTrac, a company which markets foreclosed properties. According to them, foreclosures nationwide will total over 2 million, with the month of October being significant when a multitude of sub-prime adjustable rate mortgages will reset. LPAC considers this figure of 2 million to be a gross underestimation.

The highest numbers were posted by states in the so-called "sun" belt, led by Nevada, where one of every 165 homes is in some stage of foreclosure, California (1 of 224) and Florida (1 of 243), followed by Georgia, Arizona and Colorado. The other region is the "rust" belt states, including Ohio (1 of 281), Michigan (1 of 288) and Indiana (1 of 544). The extent of the devastation is made clear when details of individual metropolitan areas are revealed. In Stockton, California, one out of 27 homes is being foreclosed on, in Modesto, California, it is one of every 79 homes. In Detroit metro area, the figure is one of every 87 homes.

Rick Shagra, RealtyTrac executive vice president told Bloomberg Sept. 18, "This is just the beginning of a wave of new foreclosures."

An NPR News report monitored Tuesday morning included the comment that these figures were approaching "depression levels," reason enough to invoke the New Deal approach put forward by Lyndon LaRouche, in the form of the Homeowners and Bank Protection Act—which is gathering support across the nation.