Tuesday, February 16, 2010

"Study says 5 million foreclosures imminent"


"A research firm estimated the number of U.S. homes headed for foreclosure would be enough to stock the housing market with a 10-month supply of unsold homes..."

But these vary of course, market to market. Some localities are more well-and-truly fucked than others:

"...The study called these homes [not yet in foreclusure, but significantly behind schedule on mortgage payments] the "shadow inventory" of homes, which would take 10 months to sell at the current rate of sales on a national average.

At the current rate of sales in Orlando, Fla., the homes would take 27 months to sell. It would take 24 months to sell these homes in Miami and 18 months to deplete the stock at the current sales rate in Las Vegas."



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