Foreclosures will be the wrecking ball for the American economy

"Seven million American households are presently behind on their mortgage payments. Foreclosure filings were reported on 367,056 properties in March (that’s 4.4 million annualized). 1 million repossessions are foreseen in 2010. One in every 138 US homes received foreclosure filings just in the first quarter alone. Of the 230,000 or so "lucky" few who got a mortgage modification done (1.2 million began the program over the past year), 75% already, or still, owe more on the loan than the home is worth. The Obama administration's foreclosure prevention program is "worth" $75 billion. That so far then comes to $326,000 per lucky owner, who has a 3 in 4 chance (s)he's underwater regardless. How does one gauge the success of a plan like that?"