Number Of Foreclosures May Top Great Depression
On Tuesday, I read a press release from Housing Predictor on PR Leap with the headline “Real Estate Foreclosures Topping Great Depression.” On June 5, I talked about Housing Predictor and their latest forecast regarding foreclosures in the U.S. housing market. I wrote:
The latest predictions of foreclosures paint a grim picture. HousingPredictor.com forecasts more than 250 local housing markets futures in all 50 states, and has maintained more than an 85% accuracy rating. Based on a survey of the nation’s 100 largest real estate markets, HousingPredictor.com predicts that at least 2 million residential properties will be foreclosed within the next two and a half years.
It appears that Housing Predictor has now revised that estimate upwards. From their November 27 press release:
Home foreclosures will worsen reaching new record highs in 2008 as a result of the credit crunch, topping the Great Depression, according to a new report by Housing Predictor…
Housing Predictor analysts forecast the national economy is moving into a recession, which will become apparent at the latest in the third quarter of 2008…
Housing Predictor forecast early this year that 3 million foreclosures will occur through 2009. More than one million homes have already been foreclosed, most of which have been subprime mortgages. But defaulting mortgages are also growing in exotic conventional loans, also known as Alternative A mortgages.
Spooky stuff. Then again, should a mortgage bailout take place…
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