Sometime in 2010, according to the USA Today:
“A second wave of foreclosures is poised to hit the market,
potentially undermining housing recovery efforts as more homes
add to the glut of inventory and drive down prices. These homes
largely represent loans that are delinquent but have not yet
resulted in foreclosure sales.”
The reason? The report lists several:
* Moratoriums
* Overwhelmed lenders
* Modifications
* Asset write-downs
Add it all together and Mark Zandi from Moody’s, which is “among
the world’s most respected and widely utilized sources for credit
ratings, research and risk analysis,” predicts that about 2.4 million
homes will be lost to foreclosure next year.
That’s nearly a half-million more defaults that occurred in 2009 based
on their data.
No comments:
Post a Comment