Meltdown

Foreclosures Through the Roof

The housing bubble was the trigger for the current economic crisis and its implosion is leaving behind a massive wake of home foreclosures. According to a report by RealtyTrac Inc., foreclosure filings were up 81 percent in 2008 with more than 2.3 million properties affected. Experts say the problem could get much worse before it gets better. "If we don't adopt a comprehensive national policy, we'll have 5 million to 8 million new foreclosures in the next three years," Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley, told Bloomberg.