The bleakest year in the foreclosure crisis has only just begun.
Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006.
About 5 million borrowers are at least two months behind on their mortgages and industry experts say more people will miss payments because of job losses and also loans that exceed the value of the homes they are living in.
"2011 is going to be the peak," said Rick Sharga, a senior vice president at foreclosure tracker RealtyTrac Inc. The firm predicts 1.2 million homes will be repossessed this year.
The blistering pace of foreclosures this year will top 2010, when a record 1 million homes were lost, RealtyTrac said Thursday.
*I saw this on Yahoo News, and thought I should post it. Thing of it is we're at War, and we're in a Depression. I wish I could find better news for you.
5 comments:
It is a tragic forecast, and I have seen many become homeless here in NYC...it is the first time since the Great Depression that taxi's have many more drivers for the cars than the shifts available...frightening statistics, this too shall pass. Peace.
I could really use some of that "Hope" everybody was on about a few years ago.
The economy we've known is dying. Whatever comes along to replace it is likely to exist on a considerably smaller scale, won't be global, and will take quite a while to develop as the behemoth goes down.
While this happens there's going to be a lot of suffering which we'll be lucky to survive. Personally I don't expect to. But the sort of hopefully fairly tolerable society that might develop may already be sprouting up in odd corners here and there. I'll be looking for signs of it, as that is more agreeable than contemplating the sure-to-be-gruesome demise of mass industrial economics.
It's 2012 and the prediction was pretty close. I wonder what the new forcast is.
well the forecast for today is party homeless and depression
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