Increasing Volume of Foreclosures in Pipeline
An additional seven million properties are headed for foreclosure, according to a study in September by Amherst Securities Group.
Mark Zandi, chief economist at Moody’s Economy.com, concurs with high estimates of potential foreclosures, anticipating 2.4 million homes in foreclosure in 2010, compared with 2 million in 2009.
Experts say the onslaught is the result of moratoriums lifting, banks overwhelmed by the demand for modifications, and the sheer volume of late payers. Banks also are trying to spread asset write-downs over several reporting periods to maintain a better profit picture.
Source: USA Today, Stephanie Armour (11/19/2009)
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