Foreclosures Up Sharply In North Texas

The Dow Jones Industrial Average in the stock market closed over 12,000, setting a new record high yesterday. Immediately, the Republicans began to tell us again what a great economy we have. I guess it might be a great economy if you are already rich, but all the rest of us know the truth - this economy is only great for the rich.

All you have to do is read the headlines to see how ordinary Americans are suffering economically. Today, the Dallas Morning News tells us that home foreclosures are rising to near the record levels of the 1980's. Almost 4,000 homes are listed for foreclosure sale in Dallas, Tarrant, Denton, and Collin counties. This is a 49% increase over the same time last year.

This year has seen 35,300 foreclosure postings so far. This exceeds the 32,500 postings for all of last year, and we still have 3 months to go. Around 80% of the foreclosures are on homes worth $200,000 or less. The average value of a foreclosure home is $115,500.

Wages are stagnant, living expenses are up, interest rates are up, health expenses are up, and the middle and working classes have been burdened with a larger share of the tax liability due to Republican cuts for the rich. It's no wonder that foreclosures are skyrocketing. If these Republican policies are continued much longer, we will be reduced to two classes in this country - rich and poor.

The sad part is that the middle class is voting itself out of existence. They vote mostly Republican, supporting the policies that are destroying the middle class. They are being frightened by the Republican party into voting against their own interests.

Listed below are the foreclosures posted in metroplex counties:

Dallas..........1,886 [up 49%]
Tarrant..........1,222 [up 47%]
Collin..........471 [up 65%]
Denton..........367 [up 38%]
Rockwall..........63 [up 37%]