How easy lending destroys lives
* 115,292 properties fell into foreclosure in August. That's up 24% from July and 53% from August 2005.
* Florida foreclosures were the highest in the country at more than 16,500.
* Other markets that were the earliest to boom, are now proving to be the earliest to bust. And the pain is piling up. California foreclosures surged a whopping 160% from a year ago. Nevada foreclosures jumped even more -- 255%.
There was also a great story in Mother Jones magazine that talks about the neighborhood destruction that easy lending, mortgage fraud, etc. has caused in Cleveland. I hope Alan Greenspan rests easy after each $100,000 speech he gives, knowing that he didn't create a massive housing bubble (only local froth), and that he didn't encourage borrowers to take out ARMs at the absolute worst possible time in the past several years.