September 11, 2007 (LPAC)-- Pre-foreclosure actions, nationwide, "could top 1 million by the end of October," a ForeclosureS.com analysis concludes. To that 1 million add 350,000-plus already foreclosed-upon homes up through August, another category of forclosure action exploding, and you have nearly 2 million families facing some type of foreclosure by October. This limited report, using data from only half the counties in the U.S.A., confirms Lyndon LaRouche's warning that "we can't wait until October" to put a firewall up to save the people and the banks.

"Pre-foreclosure" filings are those in which borrowers are in default on their mortgage, while "real-estate owned" (REO) filings are those in which a bank or mortgage lender has reclaimed the property. Both are in triple-digit rates of growth, says ForeclosureS.com. Pre-foreclosure filings as of August hit 731,244, which translates into 10 out of every 1,000 households in trouble with their mortgage, with the highest rates in the Northeast and the Southeast.

States with triple-digit rates of increase in REO seizures include: California (471% year over year), Arizona (271%), Nevada (192%), New Mexico (157%), Florida (141%), Hawaii (138%), New Hampshire (119%), and Minnesota (112%). But on a per-capita basis, other states lead, for example: Louisiana (14.7 out of every 1,000 households in the state); Michigan (11.1 per 1,000); Georgia (9.9 per 1,000); Colorado (9.8 per 1,000); Ohio (7.6 per 1,000); and Missouri ( 7.6 per 1,000).