John Ensign: “The foreclosure problem is particularly acute in Nevada; in fact, we have the highest rate of foreclosures in the…”

“The foreclosure problem is particularly acute in Nevada; in fact, we have the highest rate of foreclosures in the Nation. Last year, according to RealtyTrac.com, we had 66,316 foreclosure filings--a 215 percent increase over 2006 and a 760-percent increase over 2005. We have nearly 35,000 properties in foreclosure, which is 3.4 percent of all households. This tidal wave of economic misfortune is swamping the housing market in my home State. The amendment Senator Cardin and I offered would have helped to stabilize the market and I am disappointed that the Senate didn't have a chance to vote on it.”