Housing Crisis Reaches New Heights - Over One Million Homes in Foreclosure

Press Release

Housing Crisis Reaches New Heights - Over One Million Homes in Foreclosure

The housing crisis continues to skyrocket, as over one million homes are now in foreclosure across the country, according to the latest report by the Mortgage Bankers Association.

The mortgage bankers' report shows the highest foreclosure rate ever recorded, with about 1.1 million homes now in foreclosure. During the first quarter of 2008, 448,000 homes began the foreclosure process, up from 382,000 homes in the previous quarter.

"I'm running for Congress because we can do better for New Jersey," said Dennis Shulman, Democrat running in New Jersey's Fifth Congressional District. "Scott Garrett is completely out of touch with the housing crisis, a housing crisis which he until recently refused to acknowledge. We can fix the housing mess when we put hard working families' interests above the special interests."

Just last month, career politician Scott Garrett cast three votes against bipartisan bills designed to reform the housing market and to offer relief to middle class families struggling due to the housing crisis. Garrett sits on the Housing Subcommittee of the Financial Services Committee in the House, and was one of only five members on that 26-member subcommittee to vote against all three bills.

At the time of those votes, Shulman said: "These votes are further evidence of Scott Garrett's misguided priorities. Garrett voted to protect his friends and donors in the lending industry instead of addressing the needs of the people of Northern New Jersey. At a time when families are struggling due to the Bush-Garrett economic crisis, we must do everything we can to assist middle class families trapped by deceptive lending industry practices."

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