Foreclosures Mark Pace of Enduring U.S. Housing Crisis

A foreclosure filing takes place every 13 seconds in the United States.

That's the rhythm of a crisis that threatens to choke off hopes for a recovery in the U.S. housing market as it destroys hundreds of billions of dollars in property values a year.

There are more than 6,600 home foreclosure filings a day, according to the Center for Responsible Lending, a nonpartisan watchdog group based in Durham, N.C. With nearly 2 million already this year, the flood of foreclosures shows no sign of abating any time soon. (more)