We Need a Way Out of the Housing Mess

There's no end in sight to the woes of homeowners -- and very little help on the way.

The statistics are shocking , and grow worse by the month:

900,000 American homes are now in foreclosure -- up 71% from a year ago.

Home prices declined 8.9% on average in 2007, according to the Case Shiller Index -- but some markets recorded declines of 35% or more.

Americans' percentage of equity in their homes has fallen below 50% for the first time since 1945, according to the Federal Reserve.

U.S. consumer bankruptcy filings increased 15% in February to 76,120. They're up 37.3% from a year ago.

801,840 Americans declared bankruptcy in 2007, up nearly 40% from the previous year -- in spite of tougher new bankruptcy laws.

Americans have been financing their lifestyles -- and world economic growth -- with their credit cards and houses for the past decade. America's savings rate went negative in June 2005, and has been mostly underwater ever since.

Now the bubble has burst, along with the American dream of home ownership. ...