Foreclosure numbers, including all the stages of the process, have shown a decline but perhaps this is the lull before the storm. Prior to the February settlement the banks had slowed down their operations facing investigations at both state and federal levels. But since the settlement they are now geared to rush in again.

If a ruling by Supreme Court of Massachusetts favoured the homeowner it would indicate how the recent settlement reached on 9th May still exposed banks to liabilities linked with repossessions of houses. It would also underline the challenge for overhauling the foreclosure system. The case underlines that prior to foreclosing the lender must possess both documents – mortgage and promissory note.

While house ownership numbers are falling the numbers or rentals are increasing. The demand is causing activity in the housing sector but mostly in the multi-family segment. Unemployment and foreclosures continue. People prefer to pay rent rather than mortgage dues.

Romney wants unhindered passage to foreclosures. He has forgotten that the drunken behaviour of banks and equally heady bailouts caused the entire economy to go down on its knees. Millions are suffering. They need help in the form of forbearance, modification and or refinancing.

The anger against inequality, austerity measures, joblessness and foreclosures is increasing. The banks alone are not responsible for this cancer that has spread through the polity but it has come to be symbol of the malaise. In truth the entire system is rotting but the banking segment is just the cog in the wheel.

The Salvation Army has been helping the needy for the last 120 years. The crisis has affected them. Donations are low. They are appealing to those who have, not to forget those who have not. Their good work does not end with the end of the festive season. They want the people to get back on their feet.

The realtor of Prudential America Sam Wagmeister made a study of those people who bought homes between 2004 and 2008 to find out who were still living in the same house and how many of these homes have been foreclosed upon.

The high ended luxury houses are beginning to weigh down on the owners as the crisis drags on without any end in sight. They do not always sell at auctions and due to the focus on these expensive properties it becomes difficult to later sell them.