Foreclosed Homes Rise - Senate on Vacation

July 8th, 2008

From July 4^th, the Senate comes back for a fresh start. But still, there will be more than 55,000 new foreclosed homes by then all across the nation. This is not even the whole picture though. There is more calamity predicted with over three million house owners falling under the precarious state of being foreclosed any day from now. Many more are at the risk of being a part of the defaulters’ list soon. Millions more still have been prognosticated to being close to joining the foreclosure or default list soon.

Years of downfall in the economy along with the many delinquent aftermaths coming as an impediment to it, have been a major factor in the rise in foreclosures. However, the Senate has still not hesitated to move into vacation mode last Friday. There has been no foreclosure prevention or precaution act being passed so far. Under such hazardous economic conditions, such indecisive and suspended work leaves the majority of new renters under an even greater realm of doubt regarding their future and full ownership.

A bill being expected and anticipated for long got derailed in proceedings due to numerous petty political issues arising in between. Senator John Ensign, Republican of Nevada, had even asked the Senate up front about a multi-billion addition to the package of tax breaks used for renewable sources of energy. However, the Democrats seem to have balked at such a stance, and though not opposing tax breaks to renewable energy sources, have rightfully demanded partisan support. Mr. Ensign had longed to take them back on the foreclosed homes bill, without even paying for them. This poses to be more of a threat to the bill in the House which is more likely to be involved with the Senate’s paying through governing policy.

A delay of this nature is definitely going to delay work on one of the most important political issues in recent times. The Democrats keep on campaigning on their accomplishments, basking under its glory even when they are taking a break. This has shown to be poor policy from the party. This has led to turmoil and mayhem in the financial distract as the foreclosed homes issue continues to contribute to a lot of the nation’s drastic economic decrease. There has been reported mayhem in the financial markets due to the continued collapse of the housing boom, even with house prices stabilizing and the sales heightening.