Economic Report:

By Jesse Russell

Foreclosures broke records in 2007 – jumping by 75 percent. That equals nearly 405,000 homeowners losing their homes. In December of 2007, the foreclosure filings increased a whopping 97 percent over December 2006. California was hit the worst in 2007 with 250,000 foreclosure filings. Michigan, already suffering from the job losses in the manufacturing sector, received a second punch in the gut with 47,000 homes being lost.