Coming Soon: 5 Million More Foreclosures
Studies keep showing what we have known for a long time: Fighting foreclosures is a futile — and counter-productive — use of resources.
New studies by John Burns Real Estate Consulting and Standard & Poor’s Financial Services conclude that loan mod efforts only serve to delay the inevitable, resulting in future foreclosures.
The credit bubble allowed home buyers to get in over their heads, to buy more house than they could afford. Once prices came down and the refi pipeline closed down, it was game over for many of these buyers.
The latest estimates are for another five million delinquent mortgages to go through foreclosure (or alternatively, short sales) over the next few years. Currently, there is an estimated 7.7 million households in some stage of pre-default delinquency.
Thus, whatever grudging progress that has been made in clearing out some of the excess housing inventory will likely suffer a set back as these 5 million homes come out of the shadows and enter the real estate inventory of homes of for sale.
5 million homes represent approximately one years sales.
The WSJ reports that the problem is “largely concentrated in Arizona, California, Florida and Nevada. The shadow inventory is equivalent to 27 months of sales in Orlando, 24 months in Miami and 18 months in Las Vegas.”
Here’s the WSJ:
John Burns, chief executive of the consulting firm, said investor demand for foreclosed homes remained strong. Thus, he said, prices were likely to be about level over the next few years, despite the looming foreclosure supply, if the economy continued to recover and mortgage interest rates didn’t rise sharply. But if the economy slumped anew and interest rates jumped, he said, “that’s going to cause prices to fall further.”
The S&P study also says that the “overhang” of foreclosed homes expected to go on the market points to lower home prices.
Some borrowers are catching up on payments after having their loan terms modified, but S&P says current trends suggest that 70% of such borrowers eventually will redefault.”
As noted in Bailout Nation, there is a virtue to foreclosures — it helps drive over-priced homes towards normal levels, increases sales, and removes the prior excesses from the market.
Its not pretty or pain free, but it is a necessary part of recovering from a bubble.
>
Previously:
Stopping Counter-Productive Mortgage Mods and Foreclosure Abatements (January 5th, 2010)
http://www.ritholtz.com/blog/2010/01/stop-counter-productive-mods-abatements/
Source:
Foreclosures Seen Still Hitting Prices
JAMES R. HAGERTY
WSJ, FEBRUARY 15, 2010
http://online.wsj.com/article/SB10001424052748703562404575067452797224606.html
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February 16th, 2010 at 9:38 am
It would be helpful to know:
- how many foreclosures are already complete?
- how many have been written off, but are in “various stages”?
Then it would be easier to relate to this “5M more number”. It may very well be the case… that 5M “more” over then next 3 years is a large drop-off in the number of foreclosures.
And thanks for hinting at the best thing about this housing bubble/burst — homes are now super cheap. We can all now afford 2-3x the house (or spend 50% and get the same house!) This will be a massive stimulant going forward.
February 16th, 2010 at 9:39 am
Correct. There is nothing real about the current housing market. Gov interventionism, cheap interest, baners keeping houses off the market.
Waiting for prices to re-inflate is stupid. Of course, some are now living rent free.
Clear the sheet.
But then again, what good would it do to put the houses on the market? There are no jobs and no buyers.
Anyone that could fog a mirror has already been given a mortgage.
February 16th, 2010 at 9:39 am
I’ll stick to my past call…housing bottoms in 2015 at the earliest. All this meddling with the necessary correction can only delay it. Also, interest rates may be in for an upward shock, which could really make this painful…anyone see this report?
http://news.yahoo.com/s/ap/20100216/ap_on_bi_ge/us_foreign_holdings
Yet Santelli just said foreign demand is brisk…is he lying or mistaken, or is this article wrong?
February 16th, 2010 at 9:39 am
bankers not baners
February 16th, 2010 at 9:45 am
It will be interesting to see how many more mortgages considered safe will be under pressure when unemployment checks run out on another 5 million recipients by this June.
February 16th, 2010 at 9:55 am
This foreclosure process is tied to how long unemployment remains elevated. Sooner that jobs come back and people can pay their mortgages, the quicker we see a drop off in the numbers. That much is obvious. What is not obvious is what the equilbrium will be in prices. So many will still be able to pay, assuming jobs come back, but will notice that many homes around them are selling for far less than what they still may owe. I’d like to see some stiffer penalties for stiffing the lender on your mortgage responsibility, if you as a borrower have the reasonable means to pay. Of course, this would vary state by state, as it does now.
But for those who don’t have jobs, I mean, you can’t get blood from a turnip. The wild card will continue to be jobs, jobs, jobs.
February 16th, 2010 at 9:58 am
Disagree with the “coming soon” part of the main post. Looks like there’s an understanding between the various Federal entities and the banks that they can just extend and pretend. Doing otherwise would show the insolvency of much of the banking system and would be deflationary, as all those foreclosures drive prices down. And we know that deflation is the greatest evil, as BB has told us.
It’ll all happen eventually, but in what manner is anyone’s guess. There should be a new RTC to handle all the property that is (or will be) owned by insolvent institutions in both housing and commercial real estate. But, again, that would be an admission of failure to reinflate the bubble.
February 16th, 2010 at 9:58 am
“It will be interesting to see how many more mortgages considered safe will be under pressure when unemployment checks run out on another 5 million recipients by this June.”
Unless they extend unemployment, which BTW is crippling the state budgets. Doing so would worsen budgets even more, which will lead to state and local gov’t layoffs, which will cause more foreclosures. There is no free luch here.
February 16th, 2010 at 10:05 am
Who’s saying that the gov’t foreclosure fixes were for anything but the marginal owners who might be saved over the last two years? That’s all it’s ever been intended for.
What’s all the screaming about? Straw men? Yes… straw men like “Obama wants to save every homeowner.”
That simply isn’t supported by the policy, statements, and results.
Oh and it’s NOT about “jobs, jobs jobs,” The most hopeful numbers is a couple hundred net gain a month, even during the best growth the US has ever had. That won’t ever fix five million foreclosures. “Jobs, jobs, jobs,” is more shrill partisan nonsense.
It’s really “GDP, GDP, GDP.”
February 16th, 2010 at 10:10 am
what’s not included in these numbers are those that are technically up to date on their payments but are a few steps away from going delinquent and eventually into foreclosure. take a family member of mine. bought 3 years ago is with a 10-year interest only loan and is currently $60k underwater on his property. job at the hospital cut all overtime pay. he’s been using his credit cards as a funding source to pay his mortgage and other bills essentially borrowing from peter to pay paul. he also jacked up his exemptions to get more money back now and will owe the IRS come tax time. he’s eating rice and eggs most nights because of no money. i asked him what’s your plan. he hopes to get some overtime back and that the bank will negotiate the rate down (so far they haven’t). i said hope isn’t a plan. he has at least 4 other friends in the same situation. the foreclosure trend has nowhere near peaked.
February 16th, 2010 at 10:12 am
Steve Barry — You are already wrong. Housing bottomed very hard in FL, AZ, CA 1-yr ago. Prices are already up 10-50% from those levels and will never be there again.
February 16th, 2010 at 10:18 am
>>Steve Barry — You are already wrong. Housing bottomed very hard in FL, AZ, CA 1-yr ago. Prices are already up 10-50% from those levels and will never be there again.
opinions are like…..2 people i know live in AZ and NV and their house prices are still dropping. this is from the appraisers mouth.
February 16th, 2010 at 10:21 am
As if we didn’t know:
http://www.alternet.org/economy/145667/the_economic_elite_have_engineered_an_extraordinary_coup%2C_threatening_the_very_existence_of_the_middle_class
February 16th, 2010 at 10:22 am
Mr. Burns says, “. . . demand for foreclosed homes remained strong.”
______________
Demand might be strong, but foreclosure sales and/or short sales are not being settled in significant numbers. Contracts are written, earnest-money is put on the table, settlement dates are set, and the banks don’t show up. Earnest money is returned.
Ask a RE agent near you if they’ve settled on any foreclosure or short sale on which they’ve written a contract. In Northern VA, I know several agents who will no longer write contracts on foreclosed or short-sale homes, as doing so is nothing but a waste of time and an embarrassment to the agent.
February 16th, 2010 at 10:25 am
Here are some interesting facts:
2009 Foreclosures – 3M
2008 foreclosures – 2.5M
2007 Foreclosures – 500k
Foreclosures peaked in July 2009 at 361,000 units and have been declining since. YoY month declines since July have been about 20-30%. So the trend points to lower foreclosure levels in 2010… but the spring months are typically a time where activity picks up… so its hard to be firm about any decline until spring runs through.
Also, these numbers are rough. Sometime people are quoting all foreclosures and “notices of default”. Other times it appears to be a firm “foreclosure” count.
February 16th, 2010 at 10:28 am
Rikky — I have a friend who bought 250 properties in 2008/2009 in south FL. He would say, the auction deals you could get in Q4 2008, Q1 2009 no one will give you today. Prices are up 50-100%. It was 10-20% of peak price. What you’re talking about is just the slow realization of price reality… the price did not “come down since Jan 2009″. It just that ZERO homes sold during Jan 2009… because sellers wouldn’t lower to the market price. So you’re talking about “average listing levels”… if you watch auction prices it clear this up.
February 16th, 2010 at 10:30 am
cognos Says:
Steve Barry — You are already wrong. Housing bottomed very hard in FL, AZ, CA 1-yr ago. Prices are already up 10-50% from those levels and will never be there again.
_______________
Says you.
Thanks for the jingoisms: Buy now, or be priced out FOREVER! Real Estate NEVER goes (read “stays”) down!
So, FL, AZ, and CA are now sure bets when it comes to buying RRE? Go ahead and buy some of that shit, then. Put your money where your mouth is.
We won’t hit a true bottom in RE until all of the toxic mortgages now in existence are accurately accounted for AND inventories return to traditional levels. That won’t happen, because it won’t be allowed to happen. Anyone who buys now should be ready to lose money.
The only alternative to the conditions noted, above, would be to let wage inflation run amok (and we know that isn’t going to happen any time soon).
February 16th, 2010 at 10:40 am
Marcus Aurelius — Why not apply that logic to the stock market… “we wont hit a bottom until blah, blah blah”. OOOPS! You missed it.
My point is NOT — “buy real estate”.
My point IS — “you already missed the great bottom. Prices were 50-100% lower than they are today”.
I agree. No sense buying now… because you dont have crisis sellers. I agree that the asset class is mediocre looking out 5-10 years as the bubble bleeds off. But I also know — it bottomed HARD. It was a great opportunity. And it is PAST.
February 16th, 2010 at 10:46 am
Housing believers are like a cult. No matter what happens, they always believe that it’s a good time to buy. It’s quite remarkable.
Cognos, how about a little proof to back up your statements. I guarantee prices in Florida, Arizona and California are not 50-100% higher than they were last year.
February 16th, 2010 at 10:48 am
@cognos – dude, you are in deep left field on this one. We haven’t even come close to the “great bottom” – we are just entering the 2nd inning of this game. Way too many games being played by both the homeowner and mortgage holder to call it the bottom. This dead-cat bounce is as rational as the S&P 500 of 2009. Take a deep breath and switch to decaf, you’ll live longer.
February 16th, 2010 at 10:54 am
Hey BR an absolute must read to include in tues afternoon reading.
http://www.theatlantic.com/doc/201003/jobless-america-future/
February 16th, 2010 at 10:58 am
cognos:
You are full of it. You confuse wealth with debt (last thread). You deny the dreck and toxic financial “products” that have been swept under the rug, and which must (MUST) still be dealt with, BEFORE any meaningful or legitimate recovery (in housing or the economy, generally) can take place. You ignore the huge inventory of existing and new homes that are depreciating (not even considering that new construction has continued despite the huge inventory that must be worked off). You ignore the dearth of qualified buyers and the fact that the vast majority of people interested in home ownership cannot qualify for a loan based on conservative (traditional) mortgage/income ratios. You ignore deflation.
As I said: Invest all you have if you think the price of housing is stable or appreciating (hell, anything that holds value in this environment is a good investment).
Good luck to you.
February 16th, 2010 at 11:00 am
BR says: “As noted in Bailout Nation, there is a virtue to foreclosures — it helps drive over-priced homes towards normal levels, increases sales, and removes the prior excesses from the market. Its not pretty or pain free, but it is a necessary part of recovering from a bubble.”
I think this observation may be contingent upon one’s assessment of the status of our economy. During ordinary recessions I could not agree more. Foreclosures are the “tough love” that purgesexcesses out of the housing market, appropriately penalizes the risky behaviors that created the speculative bubble and thus serves as a lessen to all to avoid such behavior in the future. Further, to bail out homeowners, financial intermediaries or investment bankers create the moral hazard that would encourage future risky behavior.
However during depressions, the consequences of this laissez faire approach might be so extreme as to permanently harm (reduce) the economy. Home prices can very well rapidly over shoot on the downside with consequences of even greater permanent collateral damage spilling over into other sectors of the general economy.
We will never know what would have happened had the government not interfered with the housing market – with respect to lower housing prices, reduced housing sales, greater foreclosures, additional bank failures, asset deflation in other areas, job losses, lower general economic activity, decline in GDP, etc. etc. So at this time we are merely engaged in an academic exercise.
Personally, I think we faced (and perhaps still do) such profound risks that we were headed on an economic downward spiral into the depths of the great depression, that the housing subsidies were warranted (even though I have personally gained no benefit from them and I am fully aware that I and my children will eventually have to pay for them through higher taxes) .
Even with these subsidies there has been plenty of punitive damage to the risk takers through out the process, with the obvious and unfortunate exception of the investment bankers at the top who have successfully immunized themselves from any and all damage – direct or collateral – through their political influence. JMHO.
February 16th, 2010 at 11:12 am
[...] Coming Soon: 5 Million More Foreclosures – The Big Picture [...]
February 16th, 2010 at 11:30 am
Gavingunhold –
Foreclosure auction prices are 50-100% higher than crisis level. (Its is hard / impossible to track this as an index. Its simply too small, fragmented, etc).
But the Case-Shiller 20-City composite (this is a great index, they are very thorough, were ON the bubble early)… is UP for the last 6 months. And its expected to by UP again.. when the next release comes in about a week.
Like I said, I am no real estate bull. I actually think RE is almost always a poor investment (cannot compare to good business/stock investing). But I also think it is FOOLISH to not recognize what a huge bottom 1-yr ago was… keep waiting for that S&P 500 to bottom further. Its like in 1985… not believing in the recovery with S&P at 150… saying… it’ll go back to 120. I’ll wait. Ooops!
February 16th, 2010 at 12:09 pm
What are you talking about Cognos? The Case-Shiller 20-City composite was down .2 MOM and 5.3 YOY.
And if something is impossible to track, how is it you’re tracking it?
February 16th, 2010 at 12:14 pm
Renting In Mass — How does the Case-Shiller index your looking at do in the last 6-months?
You gotta love it when some idiot picks some other version of the index (non-seasonaly adjusted, resale vs value, etc) and says “down 0.2% last month!” … when any broader reading of the SAME INDEX… shows MY POINT.
But hey, you spouted out a single month, down -0.2%. I must be wrong. That sounds really bad.
February 16th, 2010 at 12:26 pm
cognos:
Are you really basing your entire operating theory on the Case-Shiller index? Do you even know how they calculate their formulas?? There are so many variables that are not accounted for in that index, I wouldn’t put any weight in it whatsoever. It doesn’t track bankers holding houses off the market, distressed sales vs. non, fraud, ever-changing underwriting guidelines, rates, etc. The entirety of those issues when viewed on the whole is what’s going to keep housing prices depressed for an extended period of time.
And you’re full of shite about FL prices having ‘bottomed’. I spend a lot of my time in Palm Beach – they’re nowhere close to the end of the line. Prices have bounced artificially due to the supply/demand dynamics:
Sellers (Banks) holding Homes/Loans off the market due to M2M changes + Buyers with access to dirt cheap credit = Price inflation for the assets that DO trade.
If the market were flushed with everything that SHOULD be on the market, you would see an additional 30% downdraft overnight.
February 16th, 2010 at 12:30 pm
bsneath: good post with very insightful comments. It’s true, I think, that an ordinary economic trough should have a “culling” effect. The wheat should be separated from the chaff. Of course, we didn’t allow that to happen, as government intervention basically pumped blood backed into many near lifeless bodies. And letting some actually die (Bear, Lehman), to me, was an even bigger slap in the face. Who decides who survives?
But this was no ordinary economic trough. Everything pointed toward the failure of massive, global re-insurance organizations such as AIG, along with titans of American business in Goldman, Merrill, etc…We are talking massive amounts of payroll, debt obligations, et al that would be tied up in court or left to the government to manage had it been allowed to go on. We were probably at that point, but more importantly, was why had it come to that?
I am staunchly opposed to ANY organization becoming so large that it’s failure could cripple a planet. We should be smarter as humans than to let a corporate monolith have that much weight in our daily lives, and so few really comprehend it. This is why I am so opposed to WalMart’s continued strong-arming of retail and manufacturing in this country and indeed, worldwide. I recently read that WalMart planned to drop all of the Hefty line of garbage bags completely from their shelves, saying that customers were choosing their store brands more. Hefty complained, and WalMart agreed to let them back on the shelves if the makers of Hefty started also making the store brand on the same assembly lines. How is this capitalism and free markets?
February 16th, 2010 at 12:44 pm
Housing will go where it goes. Its price is an amalgamation of personal income, housing stock supply, and lending standards.
But mostly income.
Income.
Q4 2008 Q1 2009 had all the makings of a bottom. Or was it round one of the deflating?
I’m in the quasi-deflation camp so I see housing flat for 10 years. Was it a bottom? I think so. But we’ll be right there soon i suspect. We built 25 years worth of homes in 5 years guys.
I do wish the GOV would let these things get priced though cuz I’d love to know what the actual market is.
February 16th, 2010 at 12:53 pm
[...] More foreclosures are coming and we shouldn’t fight it. (Big Picture) [...]
February 16th, 2010 at 12:54 pm
Cognos- So when you said “is UP for the last 6 months” what you meant to say was “is up over the most recent six month period.” It’s not my fault you aren’t capable of writing what you intend to convey. Here’s another pro tip for you: “your” is different than “you’re.”
February 16th, 2010 at 1:05 pm
Renting In Mass — No. The problem wasnt grammar. Its — why disagree with someone (on a broad issue like housing) by pointing to a single month? And saying, “ah ha! minus 0.2%”.
If you just looked at the last 6 months of the SAME index YOU quoted… you would’ve been agreeing with me. Right?
February 16th, 2010 at 1:25 pm
Yes, it was a grammar problem. UP for the last 6 months means it was up in June, July, August, September, October, and November. I was pointing out that this isn’t correct.
February 16th, 2010 at 1:34 pm
Renting — Ah, so the index you were lookign at (non-seasonally adjusted) was UP 5 of the last 7 months. And the two monthly declines (seasonal) together were smaller than any of the UP months.
But yeah, I get it. You’re detail oriented. There is a seasonally adjusted index too. Probably more the “main” index.
February 16th, 2010 at 1:41 pm
“Prices are already up 10-50% from those levels and will never be there again.”
My, but never is an awful long time. Of course, the idea that housing prices never decrease in the US was the underlying premise all those sophisticated risk management models assumed during the boom. Until it proved a fallacy. But I guess NOW we needn’t worry that they’ll ever decline some more.
February 16th, 2010 at 1:57 pm
Curmudgeon…
but when there is a clear, hard bottom in a total crisis… that then recovers for 9 months. Why would that get revisted? (This is NOTHING like saying… “price will not go down” into the bubble. Its more the opposite of that. Its contrarian.)
Its like saying in 1983… that the S&P500 bottom in 1982 of 100… will never be seen again. (Since then SPX has paid more than $300 in dividends!).
Or when GOOG ipos… saying, buy it on IPO because you’ll never see $85/shr again.
Statements can be wrong. But some “never”s do happen.
But I get it — your saving your cash for SPX 100. Tough choice.
February 16th, 2010 at 2:14 pm
Cognos:
Nah, I’m not saving my cash for anything but a rainy day. I’m not a trader and I don’t care to get wealthy beyond my needs. Unfortunately, the shenanigans of the greedy make it exceedingly difficult to confidently secure my family’s needs. You never know when the next “never” will happen in this fraud-besotted society in which we live. Alas, wealth beyond need has become the raison d’etre of America, at least in the last two decades. It is why we are on an inherently evil, and necessarily, unstable path.
“You should not search any further than the root of the issue. Take care that you believe in the unsurpassable truth of the saying that the root of all evil is greed, that is, willing to have more than enough. Enough means whatever is necessary to preserve a nature according to its kind….But greed, which in Greek is called ‘philarguria’, does not merely have to do with silver or coins from which the word is derived…Rather, it should be understood to apply to any object of immoderate desire, in any case where someone wills to have more than enough. Such greed is cupidity, and cupidity is a perverse will.”
St. Augustine of Hippo, “On Free Choice of the Will”
February 16th, 2010 at 2:15 pm
Cognos Says: “My anecdotal information trumps your anecdotal information, so shut up.” You are ridiculous and know nothing about Florida real estate nor what is happening on the ground. Never say “Never” in context to capital markets, including RE.
February 16th, 2010 at 3:35 pm
[...] “Studies keep showing what we have known for a long time: Fighting foreclosures is a futile — and counter-productive — use of resources,” FusionIQ CEO Barry Ritholtz says. [...]
February 16th, 2010 at 3:47 pm
[...] discussed earlier today, there are many more foreclosures coming . . [...]
February 16th, 2010 at 8:31 pm
Foreclosure fallout
Suburban Homeless: Rising Tide Of Women, Families
http://www.huffingtonpost.com/2010/02/16/suburban-homeless-rising-_n_464388.html
February 16th, 2010 at 8:54 pm
The definition of futility will be better understood when all those folks who got a $5K tax break have a house valued at $50K less than they paid.
February 17th, 2010 at 10:05 am
This video and the blog it was supposedly based upon are provocative. The banks make out no matter what, but they have a no risk return if they don’t modify the loans.
http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1161826
http://activerain.com/blogsview/1243528/is-the-fdic-killing-indymac-onewest-bank-short-sales-
February 17th, 2010 at 4:42 pm
Optimism is good, delusion is bad. Anyone who thinks they can call out a bottom is forgetting that you need more time to pass before you can call trends and is also forgetting what a perfect storm of factors are at work against a housing recovery in 2010 and beyond. Allow me to highlight some:
1. Billions of dollars of option ARMs resetting this year add to the pool of homes that are now officially a problem for lenders
2. The already huge shadow inventory problem, in which bank owned properties are being held back from the sale market to avoid flooding it. At some point these have to be released or revalued or the lenders will collapse under the weight of their overvalued assets
3. Stubborn unemployment that will not lift until the late 2010′s if even by then. People can’t pay their mortgages if they don’t have income. Many people are already on the edge, wracking up other debt or liquidating accounts just to keep up. At some point these people will give up and walk.
4. Extended unemployment insurance benefits running out for millions of people in June 2010. Could it be extended? Not so easily with the current anti-entitlement / anti-government spending attitude currently taking hold. Unemployment benefits are keeping a whole lot of people hanging on by their fingernails. Take that safety net away and watch a whole wave of new mortgage defaults arise.
5. A profound change in cultural attitudes towards foreclosure. Watch for 2010 to be the tipping point year in which walking away from your home will no longer be viewed by the majority of underwater homeowners as bad. Once this mindset takes hold, the banks will be overwhelmed by additional foreclosed properties, and this will take shadow inventories to unsustainable heights.
6. The past sins of the lenders who bungled attempts by well meaning home owners to sort out their mortgage problem before it became a crisis. Red tape, poor communication, the lenders will pay the price: people aren’t going to wait around for the next program, they will just give up and walk away.
The only solution to this problem is for banks to face up to the fact that they have overvalued assets on their books, and to write down the values of those assets. This may result in principal reduction to homeowners (something left out of loan modifications), or the banks could choose to speed short sales (which result in a writedown but avoid an REO). Or they could speed up foreclosures and bundle them into hastily assembled sales to investors for pennies on the dollar. Whatever approach you consider, they all come down to the same thing: banks having to own up to what their assets are really valued at, not what they appear to be on paper.
We are at the year of reckoning. There is no hiding from the fundamental truths of our housing crisis, and the hard solutions that will be needed to fix it.
On a personal note, I am profoundly disturbed at the toll this crisis is taking on the stability of our family neighborhoods. To walk around a nice family oriented neighborhood and to see foreclosed properties, vacant homes, derelict homes, or a mass of new renters moving in. It breaks my heart.
February 17th, 2010 at 7:13 pm
[...] The Big Picture » Blog Archive » Coming Soon: 5 Million More Foreclosures Fighting foreclosures is a futile — and counter-productive — use of resources. — If only we could relay this message to D.C. (tags: economy economics obama politics market money boldvoices foreclosure housing bubble credit debt crisis homeless geithner bernanke TARP) [...]
February 18th, 2010 at 4:32 pm
[...] without the release of a new hope-crushing report. One of the latest came earlier this week — a new study that says 5 million more homes are expected to move into foreclosure in the next few years. And today, the U.S. Labor Department came out with another weekly jobless [...]
February 20th, 2010 at 1:44 am
[...] Coming soon: 5 Million More Foreclosures [...]
February 20th, 2010 at 8:26 pm
[...] esfuerzos por reducir el stock de viviendas en EE UU. Por otro, tal y como señala el economista Barry Ritholtz en su blog, esta situación permite rebajar los precios en el sector por encima del 10% previsto por los [...]
February 23rd, 2010 at 10:24 am
[...] Coming Soon: 5 Million More Foreclosures (February 16th, [...]
February 26th, 2010 at 9:46 am
[...] Coming Soon: 5 Million More Foreclosures (February 16th, 2010)http://www.ritholtz.com/blog/2010/02/coming-soon-more-foreclosures/ [...]