Posted: Nov 4, 2009 10:55 AM by Bea Karnes
Updated: Nov 4, 2009 10:55 AM
With nearly two full months to go in the year, El Paso County has recorded a record number of foreclosures. This is the third straight year the record has been broken. Before then, the previous record was the Savings and Loan crisis of 1988.
Thomas S. Mowle, El Paso County Public Trustee, said, "The continued high foreclosure rate reflects the poor condition of our local economy. Our economy will not improve until the private sector in our community begins to create, retain, and attract well-paying primary jobs. I hope that we begin to do that - to attract such jobs - soon, because far too many people's lives and dreams have already been disrupted by the loss of their homes."
As of Wednesday morning, EPC had recorded 4603 foreclosures. Mowle expects at least 5200 foreclosure starts this year.