New Wave of Foreclosures Coming Soon

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and whether one does or does not have a legal title on a given house, the banks are now fully in their right to foreclose on it. What this means also is that America's record shadow housing inventory, which is far greater than any fabricated number the NAR reports on a monthly basis, is about to get unleashed on buyers, shifting the supply curve much further to the right, as up to 9 million new properties slowly but surely appear on the market

It seems that now that the courts have settled things, there is a new wave of foreclosures coming. The pipes had been clogged over the whole robo-signing fiasco.

Personally, I'm looking for another major economic crisis by September or October, possibly sooner. Granted, the first one never really went away, but I think that it's only a matter of time before things start swinging up again. I'm not talking "oh God it's the end of the world". But 9 million properties is a lot of red ink.

Glad I locked in a low intrest rate LOL

Still all of that red ink is likely not going to be bailed out by the Gov this time around, the people will not allow it. i suspect we'll see some layoffs and repostioning of banks to consolidate their holding to a more managable level of debt.

They'll never sell 9 mill homes to the public. Will likely be bought up by investors or developers.

Either way the common man is screwed even if it doesnt directly effect him.

Better invest in a large van or small RV now. Homes will soon be a thing of the past. Obamavilles in walmart parking lots will soon be large "neighborhoods".

The writing has been on the wall for years now.
The shadow inventory is massive.

And if this occurs more banks will fail.

And we still haven't hit the commercial real estate bubble yet either.

What is the current population of the US? Just curious what kind of percentages we're talking here.

9 million homes is alot of homes. Stupid screwin banks.

reply to post by rbnhd76


Say there's only 2 people a home, that's 18 million. More likely, it's more like 3-4 average per home. That's 27-36 million. Numbers wise, there's about 300 million people in the U.S., so you're talking a good 10% of the population.