Published December 1, 2007
WASHINGTON
The home foreclosure crisis slamming into the nation's neighborhoods is having the effect of about "one Hurricane Katrina per month," James K. Galbraith, an economist with the University of Texas at Austin, said Friday at a forum examining the credit crisis. In the immediate aftermath of Hurricane Katrina in the fall of 2005, nearly 275,000 Gulf Coast residents were forced to move into group shelters, according to the Federal Emergency Management Agency. This October, lenders reported 224,451 foreclosure filings to drive people from their homes, according to RealtyTrac Inc., a housing data firm based in Irvine, Calif.
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