(EMAILWIRE.COM, October 13, 2009 ) Destin, Florida -- Foreclosures could top 25-million homes and other properties in the U.S. if government officials don’t take drastic steps to lessen the impact of the foreclosure epidemic, according to a new report by Housing Predictor.
The real estate research firm that was first to forecast the foreclosure epidemic triggering the worst economic turmoil since the Great Depression is analyzing the crisis. Read the full new report at Housing Predictor dot com.
In a new survey nearly 1 in 3 mortgage holders say they will walk away from their homes if housing housing prices continue to fall. The action would leave bankers on the hook for trillions of dollars in unpaid mortgages and send the U.S. economy into a worsening financial crisis. It would also result in the highest number of renters in the U.S. housing market in decades.
Consumers are saving more in light of the economic turmoil. However, home sales are also showing signs of improving in many especially hard hit areas of the country with the assistance of first time home buyers incentives.
Foreclosures compose the majority of home and condo sales nationally. Nearly 6-million additional Option Arm adjustable rate mortgages will reset through 2010 and more than three-quarters will not be able to be refinanced under current mortgage guidelines. As a consequence, millions of more homes will go into foreclosure and provide a growing inventory of property for sale at bargain prices.
Housing Predictor forecasts more than 250 local housing markets in all 50 states. Check your market forecast, get the full details on the foreclosure epidemic and search foreclosures at http://www.housingpredictor.com
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