World News and Trends

U.S. home-foreclosure rate approaches Great Depression's

Posted on Jun 15, 1998 by John Ross Schroeder, Scott Ashley Estimated reading time: 0 minutes

In 1997 a record 1.3 million Americans declared bankruptcy-an increase of more than 20 percent for the second year in a row. In 1998 more families will likely lose their homes to foreclosure than in any year since the Great Depression of the 1930s.

Analysts noted that in recent months 1.09 percent of mortgage loans were in the process of foreclosure-a rate almost double that of the recession years of the 1980s. These percentages mean that more than half a million homes will likely be lost by home owners this year. (Source: The Denver Post.)

John Ross Schroeder
(1937-2014)
John died on March 8, 2014, in Oxford, England, four days after suffering cardiac arrest while returning home from a press event in London. John was 77 and still going strong.
Scott Ashley
United Church of God Pastor, Beyond Today Managing Editor
Scott Ashley is managing editor of Beyond Today magazine, United Church of God booklets and its printed Bible Study Course. He and his wife, Connie, live near Denver, Colorado.
Mr. Ashley attended Ambassador College in Big Sandy, Texas, graduating in 1976 with a theology major and minors in journalism and speech. It was there that he first became interested in publishing, an industry in which he has worked for 50 years.