Get ready for the next huge wave of foreclosures
Bailout News, California Housing Crash, Florida Housing Crash, The Economy, Real Estate July 6th, 2009
This article on the LA Times web site seems to agree with what we are seeing here in Orange County, CA. Banks are getting ready to dump on the market thousands of foreclosed properties. Unfortunately, this will bring more pain for the thousands of families that will lose their homes. Our heart goes out to them. It appears that we are about to see the next leg down in housing. Folks, fasten your sea belts!!!
Reporting from Washington — Just as the nation’s housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy.
Just how big the foreclosure wave will be is unclear. But loan defaults are up sharply. And with many government and banks’ self-imposed foreclosure moratoriums expiring, the biggest lenders indicate that they are likely to move more aggressively to clear up a backlog of troubled mortgages.
July 7th, 2009 at 12:40 am
We are still in trouble in the housing market and, until we hit a ‘real’ bottom there can be no recovery.
The foreclosure is in the process of moving from losses due to bad loans to one of job losses. This is indicated in an article posted at It’s Worth an Opinion on the Economic Op-Ed page on April 2nd.”The Dow at 6,000,” http://worthanopinion.net.
Watch for accelerating foreclosures through the end of 2009.
July 8th, 2009 at 12:50 pm
When will we hit the bottom? End of this year?