Nationally, 1 in every 563 homes recieved a foreclosure notice in October 2011. Their are 1,377,030 foreclosures nationwide and the average sale of these homes is $168,013. Many of these foreclosures were avoidable and the ongoing chain of foreclosures and short sales has robbed the American people of the financial power that comes with equity. Close to 14 trillion dollars in equity has been systematically stripped from the American Middle Class as the depreciation in home values caused by foreclosures has lowered housing values nation wide. Out of the 49 billion dollars set aside for mortgage modifications by the HAMP program less than 5 billion have been used because the banks have not been required by law to actually approve modificaitons. By mandating HAMP we can save 9 million homes.
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