2.2+ Million Foreclose filings in the U.S.

Y'ouch... this is pretty serious..
That's a serious amount of foreclosures in the U.S.

One the one side, it's probably a pretty good market for speculators. On the other side, it's a pretty dismal market place for homeowners who are losing their houses and homes.

Gail Vaz-Oxlade mentioned in our interview yesterday that people from all over the world are writing to her and asking her how to get rid of their debts. She mentioned that she has received emails from Singapore, australia, the U.K and more on how to get rid of debt.

THE POINT: I would hate to think that people are choosing foreclosure as a solution to their debt problems.

I'm curious to know how history is going to write this out. What are the lessons we're going to learn from this, and how soon can we learn them!!


NEW YORK (CNNMoney.com) -- Rust Belt and Sun Belt cities led the nation in metro-area foreclosure rates for 2007, according to a new report released Wednesday.

Detroit led the list with nearly 5% of its households entering some stage of foreclosures, which is 4.8 times the national average, according RealtyTrac, an online marketplace for foreclosure properties.

Of the 100 largest U.S. cities surveyed by RealtyTrac, 86 reported higher foreclosure rates.