Posted on 03/12/2010 3:52:52 AM PST by tobyhill
WASHINGTON - The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.
About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners.
And the number of pending foreclosures could grow much bigger over the coming year as more distressed borrowers become delinquent and then, if they can't obtain mortgage relief, wade through the foreclosure process, which often takes more than a year to complete.
(Excerpt) Read more at msnbc.msn.com ...
Awesome, here comes round 312...
This does not consider the thousands of homes that have already been sold in bulk by banks to investing groups, with the proviso that they hold them off the market for 1 year. Here in Phoenix we are headed to 1960s pricing before this is over.
Probably never...
It’s going to hurt more to pull this band-aid off little by little. Let’s just get it over with.
“...just as the real estate market has begun to stabilize...”
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I scoff.
Get ready to move out... Americans ain’t helpin’ this time! Then again... it is not November yet... oh no... here it comes again!
LLS
This from MSNBC??????????? Did they all of a sudden turn in to the “Minds Should Not Be Clueless” station?
This is what happens when you reward failure......
The NC vacation/second home market has gotten hammered, especially in the developments that sold about up to 50% of their vacant lot inventory prior to the crash and then defaulted.
The bank prices on those foreclosed vacant sites is between 5-15% on the dollar from what they loaned on them 3-4 years ago.
“When will these dopes learn that “doing something” is always worse than doing nothing?”
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My father didn’t buy that argument when I was a kid growing up on the farm80)
bump
And let us never, ever forget what started this mess.
And now they want to do it again.
Absolutely, liberalism is a mental disease.
Mine, neither!
Greenspan, Bush 'Home owner society', Fwank, Dodd, Republican real estate and banking industry, Land sellers, timber, copper, mortgage companies, banks, Wall Street, construction industry, everybody that watched their bubble inflated house make them look like a genius, towns that got cash for building permits/taxes......
A lot of this logjam is causes by banks that have deliberately put off foreclosures while the Administration dicks the dog trying an endless number of “programs” to put off the inevitable.
The best thing that can be done in to foreclose these properties as quickly as possible, but we have had over a year worth of roadblocks that keep preventing the process that would fix this mess from going forward. If anything, Congress needs to find ways to speed the process up and get it over with as quickly as possible. Instead we will make this problem linger for years, and the economy will not recover until this particular bleeding is under control.
Of course, it the economy were adding 250,000 jobs a month for the next five years, that would help too....
Dim controlled congress created this problem and they are not about to fix it until after the November elections are decided. They are artificially propping up the markets in order to not get hammered this fall. But with all the other garbage going on, they may have a very bad day anyway. Problem is that someone down the road will have to make the hard decisions to correct the financials. That person or persons had better have a spine of steel becuase the dim party and their media will absolutely savage them for being “heartless” and all that crap. Dodd and Frank need to be held responsible.
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