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23 February 2012 Million-Dollar Foreclosures rise as rich walk away Due to the poor economy and loss of jobs in the United States, over 36,000 homes that are priced at $1 million or more are experiencing foreclosure. The rate of this foreclosure has significantly increased over the past five years, impacting wealthier families. The numbers are stunning. Foreclosure on homes valued over $2 million has increased by 273%. On an upside though, the foreclosure on these homes is actually helping the real estate business in a way. Many of the people giving up these homes are giving them up because they can’t make the payments on it and they can just buy a less expensive house without taking out loans or making late payments like many people in lower-class homes. It’s also good for people looking to buy an expensive home because relators will be selling them at really cheap prices. This struggle with home foreclosures can be also tied with the great depression that started in 1929 and ended in the early 1940’s. This depression was spread out worldwide and affected the United States heavily. The unemployment rate was 25%, so it was very difficult for people to buy homes let alone keep them. In order to try and fix this issue of home foreclosure, The Hoover Administration passed the Federal Home Loan Bank Act. The act helped supervise federal savings and loan institutions, as well as help finance mortgages and lower the cost of home ownership. However, mostly all of Hoover’s policies failed and the economy didn’t return to normal until President Franklin D. Roosevelt’s term. The article really hits home to a big issue in America. Homes are very important to people. The obviously provide shelter, which is a must for healthy living. The article also shows how bad the real estate market is getting. It is starting to affect wealthier Americans, as well as the middle and lower classes. It says right in the article that foreclosures on homes costing $1 million ore more since 2007 are up 115%. Though, amongst all this bad news, it is somewhat a good thing because most of these homeowners aren’t taking out loans or making late payments. **Bibliography** Dickler, Jessica. "Million-dollar foreclosures rise as rich walk away - Feb. 23, 2012." //CNNMoney - Business, financial and personal finance news//. N.p., n.d. Web. 23 Feb. 2012. .
 * Summary**
 * Relevance**
 * Evaluation**
 * Questions**
 * 1) What can the United States government do to help the real estate market return to normal?
 * 2) What is the best option for homeowners of a lower class facing foreclosure?
 * 3) Can the same techniques that Roosevelt used, be used on the current economy?

"Federal Home Loan Bank Act - Wikipedia, the free encyclopedia." //Wikipedia, the free encyclopedia//. N.p., n.d. Web. 23 Feb. 2012. .

"The Great Depression." //Wikipedia//. N.p., n.d. Web. 22 Feb. 2012. .