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(English) Are There Over Seven Million Foreclosures Coming?

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11 comentarios
  1. Steve Early
    Steve Early Dice:

    Great Blog and an excellent article. Negative equity is a HUGE problem. Many homeowners who are paying their mortgage would LOVE to refinance, but can’t because their property will never comp out for what they owe. If that problem could be solved, it would go a long way to prevent the 4-5 million homes that are currently underwater from shifting over into the delinquent category.

    The equity problem is also impacting short sales. Just last month we had a short sale with a certain lender, and the original offer was countered at a higher price. The buyer elected to try to get financing for the higher amount and was told by the SAME LENDER that the house wouldn’t comp out for that much. So here you have a lender trying to get paid on a deal that they wouldn’t even fund themselves. And it is NOT getting any better.

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  2. Matt
    Matt Dice:

    Thanks for the post. The only question I have is on the chart it says that defaults is based on 55.9 million homes. What does this mean? Does that mean that these percentages are based on the assumption that there are 55.9 million homes in the usa?

    I thought there were a lot more than that. And, if it’s because you are not including condos, etc. then I wonder what the foreclosure total will be if you take into account single family homes, multi-family, etc.

    Thanks,

    Matt

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Trackbacks y pingbacks

  1. […] expert and Allen Tate Company consultant Steve Harney recently stated in a blog that there may be between 5-8 millions foreclosure filings on the horizon. Citing a study by the […]

  2. […] families avoid foreclosure but that number is less than 10% of the families in jeopardy. The ‘shadow inventory’ of distressed properties is beginning to be introduced to the market. It seems the market might be […]

  3. […] 21, 2010 by laudu This article was posted by Steve Harney.   It is excerpted with permission.  The issue of Shadow Inventory is already impacting the real […]

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