investorzzo's picture

Foreclosure could claim more than 1 million homes in 2010

LOS ANGELES — More than 1 million U.S. households could lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans, according to RealtyTrac, a foreclosure tracking service.
Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, RealtyTrac says.

"That would be unprecedented," said Rick Sharga, a senior vice president at RealtyTrac.


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Housing and Wealth

Tuesday, September 22, 2009

Executive Summary

Tracking the housing market helps us see where the economy is headed.  Two categories of data that are useful to focus on are house prices and housing supply.

House Prices

Measuring the value of housing is critical, because the amount of foreclosures and the economic fallout from them are both tightly linked to the difference between the current value of a house and the mortgage held on it.

Housing Supply

To appreciate housing supply, there are three things we need to track:

  • Total number of existing homes for sale (expressed in either a raw number or in “month's supply,” which takes the raw number and divides it by the current sales pace)
  • Total number of new homes for sale (expressed the same as above)
  • Amount of “shadow inventory,” which are homes that are on the books of the banks but have not been released into the market for sale

This is Part I of a two-part report. » Read more

switters's picture

American dream or American nightmare?

The housing numbers just keep getting uglier.  From Mish's blog today:

investorzzo's picture

Foreclosure update: it's worse then anyone thought!

Delinquent Mortgages Are Soaring; Foreclosures Aren't

What that means is the banks are hiding more then anybody new.

The other part of the problem is that if the bank actually forecloses, there is no way that it can avoid recognizing the loss. By letting things slide, they can extend and pretend that eventually everything will get caught up. They also avoid the upkeep costs on the foreclosed property.

investorzzo's picture

Housing Bubble Smackdown: Bigger Crash Ahead

Due to the lifting of the foreclosure moratorium at the end of March, the downward slide in housing prices is gaining speed. The moratorium was initiated in January to give Obama's anti-foreclosure program---which is a combination of mortgage modifications and refinancing---a chance to succeed. The goal of the plan was to keep up to 9 million struggling homeowners in their homes, but it's clear now that the program will fall well-short of its objective.

Farmer Brown's picture

What's the truth behind the latest housing numbers?

The National Association of Realtors reported a 6.5% increase in the number of houses sold in December 2008 as compared to November of 2008.  It also reported a median home price of $175,400, which was 15.3% decline from a year ago. (

The first number does not seem right to me.  It simply does not make sense for sales to be up when everything else is going down, and when real estate is what got us in trouble to begin with.