Foreclosures May Top 20 Million
Destin, FL - February 12, 2010 - (RealEstateRama) — Foreclosures are likely to top 20-million homes in the U.S. if government officials don’t take action to lessen the impact of the foreclosure crisis, according to a report by Housing Predictor.
The real estate research firm was the first to forecast the foreclosure epidemic, triggering the worst economic turmoil since the Great Depression.
In a recent Housing Predictor survey nearly 1 in 3 mortgage holders say they will walk away from their homes if housing prices continue to fall. The action would leave bankers on the hook for trillions of dollars in unpaid mortgages and send the U.S. economy into a worsening financial crisis, resulting in the highest number of renters in the housing market in decades.
Consumers are saving more in light of the economic turmoil and home sales are improving in many especially hard hit areas of the country with the assistance of first time home buyers tax incentive.
Foreclosures compose the majority of home and condo sales nationally. Nearly 6-million additional Option Arm adjustable rate mortgages will reset through 2010 and more than three-quarters will not be able to be refinanced under current mortgage guidelines. As a consequence, millions of more homes will go into foreclosure and provide a growing inventory of property at bargain prices.
Housing Predictor forecasts local housing markets in all 50 states. Check your market forecast at http://www.housingpredictor.com
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