The Painful Truth about the US and the Top Ten Worst Housing Markets.
Good news for Homeshoppers. The nation is bracing itself for a wave of new, mortgage defaults, as early as June.
The Fed estimates that 1.7 million subprime loans, originated in 2005 at the top of housing boom, will reset in early summer. The Fed goes on to say that without loan modifications, 1.4 million of those loans could become a problem, spelling more trouble for an already burdened market.
The truth is that foreclosures are only beginning to accelerate, leaving a wake of suffering in their path. Until the inventories move and owner’s occupy now vacant property, we will likely face further price declines of more than 20% by next year.
So, who among us will suffer the most?? Simply, the regions and states with the highest foreclosure rates.
The Top 10 Foreclosures States:
While the news pundits, scholars and politicians debate whether the US is actually in a recession, the hard-working US citizen has no doubt. We are in a recession and only bottom we see is the one in our empty pocketbooks.
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