Foreclosure prediction -- and suggestions
The New York Times reports today that the Joint Economic Committee of Congress will issue a report predicting "about two million foreclosures by the end of next year on homes purchased with subprime mortgages."
That estimate is far higher than the Bush administration’s prediction in September of 500,000 foreclosures, which in itself would be a tidal wave compared with recent years. ...The Joint Economic Committee estimates that the lost of real estate wealth just from foreclosures on subprime loans will be about $71 billion. An additional $32 billion would be lost because foreclosed homes tend to drive down the prices of other houses in the neighborhood.
Tip of the hat to Calculated Risk for noticing this.
On a related note, Bankrate.com added foreclosure-help suggestions to its site today, including possible do's and definite don'ts if you find yourself in trouble.
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