Further evidence that the capitalist economic crisis
continues to devastate working-class families came out earlier this month, when
it was announced that over 500,000 homes had been foreclosed on as of the end
of June. If foreclosures continue at this rate, the total for 2010 will top 1 million,
surpassing last year’s total of 900,000 and the usual annual rate of 100,000.
In the years prior to the 2008 collapse, banks made millions
of predatory loans to working-class families and individuals who hoped to own a
house. As interest rates spiraled out of control, many became unable to pay
their mortgages, a situation exacerbated by massive unemployment.
Under capitalism, decent housing is often unattainable. In
socialist Cuba, on the other hand, 85 percent of the population owns their own
home and housing costs legally cannot exceed 10 percent of a family’s income.
Poor and working people can fight back by organizing and demanding an immediate
moratorium on foreclosures.
