At least 2.1 million homes, condos and townhouses will be foreclosed in the U.S. in the next two and a half years, accounting for the highest number of foreclosures since the U.S. Savings and Loan Fraud Crisis, according to a new forecast by Housing Predictor.
The forecast is based on an analysis of the nation's largest 100 metropolitan real estate markets by researchers during the month of May. Housing Predictor.com forecasts more than 250 local housing markets futures in all 50 U.S. states and since it's inception the web site has maintained more than an 85% accuracy rating.
It's a foreclosure crisis in many areas of the nation. Foreclosures are at record levels in Michigan, Ohio and Colorado. Other states that are experiencing the highest number of foreclosures include California, Alabama, Indiana and Mississippi.
The forecast comes on the heels of the Center for Responsible Lending's alarming estimate that 2.2 million residences will be foreclosed over the same period as a result of fall out in the wake of the nation's sub-prime lending crisis.
The fall out from the sub-prime meltdown, however, has not extended into all of the nation's housing markets on a widespread scale, researchers found. Eighteen states local real estate markets are appreciating and an additional 10 states housing markets are showing signs of stabilizing, including much of Florida. The near record level of foreclosures are occurring as a result of increases in adjustable rate mortgages, and unethical lending practices on the part of some mortgage borrowers and lenders.
Researchers determined that the highest number of foreclosures are occurring in mortgages made to sub-prime borrowers, who obtained mortgages at higher interest rates as a result of poor credit histories and in two other areas of home lending. A break down is included in the Housing Predictor report.
Energized by low interest rates and liberalized lending standards, the nation's housing market appreciated at record levels in many local markets for nearly five years only to come to a slow down in some areas.
Mortgages made to first time investors are also experiencing a high rate of foreclosures. In March the U.S. Commerce Department said that vacant privately owned homes had reached their highest peak in the nation's history. Many home buyers purchased properties in hopes of making a quick profit by selling the property to a new buyer before the market reached it's peak, and are now unable to rent or sell their properties.
To see the full report on the Foreclosure Crisis and check on your housing market forecast visit http://www.HousingPredictor.com
Mike Colpitts is the Editor of Housing Predictor, which provides market forecasts on more than 250 local housing markets in all 50 U.S. states. Visit http://www.housingpredictor.com to find your markets forecast now.
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