U.S. House Foreclosures are reported to have fallen in January from December. An article says “the numbers would have been higher if not for efforts to stall the foreclosure process”, and that “Nationwide, more than 274,000 homes received at least one foreclosure-related notice last month. That was down 10 percent from December, but still 18 percent higher than a year ago’’. The article goes on to say (paraphrased) “More than 2 million American homeowners faced foreclosure proceedings last year, and that number could soar as high as 10 million in the coming years depending on the severity of the recession, according to a January Credit Suisse report” – this before President Obama’s proposed ‘foreclosure relief bill’ proposed this past Tuesday.

My Comments: If Credit Suisse is right, and President Obama’s most recently announced plan isn’t passed into law or if it is, doesn’t work, the implication is shocking.

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