t least 2.1 million homes,
condos and townhouses will The forecast comes on the heels
be foreclosed in the U.S. of the Center for Responsible
in the next two and a half years, Lending’s alarming estimate that
accounting for the highest number 2.2 million residences will be
of foreclosures since the U.S. foreclosed over the same period
Savings and Loan Fraud Crisis, as a result of fall out in the
according to a new forecast by wake of the nation’s sub-prime
Housing Predictor. lending crisis.
The forecast is based on an The fall out from the sub-prime
analysis of the nation’s largest meltdown, however, has not
100 metropolitan real estate extended into all of the nation’s
markets by researchers during the housing markets on a widespread
month of May. Housing scale, researchers found.
Predictor.com forecasts more than Eighteen states local real estate
250 local housing markets futures markets are appreciating and an
in all 50 U.S. states and since additional 10 states housing
it’s inception the web site has markets are showing signs of
maintained more than an 85% stabilizing, including much of
accuracy rating. Florida. The near record level of
foreclosures are occurring as a
It’s a foreclosure crisis in many result of increases in adjustable
areas of the nation. Foreclosures rate mortgages, and unethical
are at record levels in Michigan, lending practices on the part of
Ohio and Colorado. Other states some mortgage borrowers and
that are experiencing the highest lenders.
number of foreclosures include
California, Alabama, Indiana and Researchers determined that the
Mississippi. highest number of foreclosures
are occurring in mortgages made high rate of foreclosures. In
to sub-prime borrowers, who March the U.S. Commerce
obtained mortgages at higher Department said that vacant
interest rates as a result of privately owned homes had reached
poor credit histories and in two their highest peak in the
other areas of home lending. A nation’s history. Many home
break down is included in the buyers purchased properties in
Housing Predictor report. hopes of making a quick profit by
selling the property to a new
Energized by low interest rates buyer before the market reached
and liberalized lending it’s peak, and are now unable to
standards, the nation’s housing rent or sell their properties.
market appreciated at record
levels in many local markets for To see the full report on the
nearly five years only to come to Foreclosure Crisis and check on
a slow down in some areas. your housing market forecast
visit
Mortgages made to first time http://www.HousingPredictor.com
investors are also experiencing a
About the Author:
Mike Colpitts is the Editor of Housing Predictor, which provides market forecasts on more than 250 local housing markets in all 50 U.S. states. Visit http://www.housingpredictor.com to find your markets forecast now.
Read more articles by:
Mike Colpitts
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