The negative impact foreclosures are having on new home building and our economy, cannot be overstated. Click on this link and take a look at this Google map which highlights the 20 worst metropolitan areas in terms of homes in the foreclosure process. From Florida to California most of the major markets are awash in foreclosures. http://www.businessinsider.com/satellite-tour-foreclosure-cities-2011-1#20-boise-idaho-1-in-21-homes-in-foreclosure-the-red-dots-show-foreclosures-1
Until our state and national leaders get their heads fully wrapped around solutions for this issue then little good will happen with our economy. Normally new jobs lead to more new homes which leads to more new jobs. Now this cycle is broken. Never before have we been faced with having to absorb a million foreclosures a year. This year we could face more than 1.5 million foreclosures.