Hat tip to SM for sending this along from the nytimes.com: – this is the beginning of article:
A new analysis suggests that the tide of home foreclosures isn’t going to recede soon.
The report from the Center for Responsible Lending, “Lost Ground, 2011,” finds that at least 2.7 million mortgages loaned from 2004 through 2008, or about 6 percent, have ended in foreclosure and that nearly 4 million more home loans (roughly 8 percent) from the same period remain at serious risk.
Put another way, “The nation is not even halfway through the foreclosure crisis,” says the report, which analyzed 27 million mortgages made over the five years.
Read the rest here:
It goes into how low-income and minorities have been harder hit.
Looking at the recent history of SFR foreclosures in North San Diego’s Coastal region, you’d think that there would need to be a major increase of foreclosures to change the market.
From foreclosureradar.com, here are the SFRs foreclosed in NSDCC between Jan 1 and Nov 10:
The MLS shows 2,243 closed sales this year, so even if the foreclosure activity doubled (or short sales ramped up), we should be able to endure it. But if there was additional turbulence, it would be more likely that the banks/servicers/fedgov would just drag it out longer, rather than flood the market.