Will our legislators help us through the housing slump?
What do you expect from your government? Or, more importantly, I suppose, what do you want from it?
I don’t ask for much. I simply want my legislators, whether on the local or national level, to pass laws that actually help me, and others, during tough times.
And there have been fewer times as tough as these. National housing foreclosure activity increased 9 percent in the first quarter of this year when compared to the fourth quarter of 2008, according to research firm RealtyTrac. Certain states, such as California, Nevada and Arizona, are particularly suffering.
To make you feel even worse, here’s some more numbers from RealtyTrac. Dafault notices, auction sale notices and bank repossessions were reported on 803,489 properties in the first quarter of this year. That’s not only up 9 percent from the fourth quarter of 2008, but up nearly 24 percent from the first quarter of that same year. One in every 159 housing units in the United States received a foreclosure filing during this year’s first quarter.
I’m happy to say, though, that at least the government officials in my home state, Illinois, the land of eternal political corruption, are actually doing something to help the residents for a change. Illinois Gov. Pat Quinn signed a law earlier this month that gives homeowners an extra 90 days before lenders can close a foreclosure action on their residences.
Supporters of the law say that this extra 90 days can sometimes give families enough cushion to keep from losing their homes. For instance, if a fired worker can find a new job during those extra 90 days, he or she may be able to begin making mortgage payments again.
It’s good to see our elected officials addressing the foreclosure problem. I know that many homeowners are confused by all the bailout programs and financial-relief measures being enacted by both local and federal legislators. Others are upset to see their tax dollars being spent on helping people avoid foreclosures.
But me? There are rare times, and this is one of them, when I prefer to see my government officials taking action – even if not everything they throw at the wall sticks – to help the country, and my home state, too, of course, through a crisis. And this housing slump certainly qualifies as one of those.
