Destin, FL (PRWEB) October 14, 2009
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 was the first to forecast the foreclosure epidemic triggering the worst economic turmoil since the Great Depression. Read the full new analysis at Housing Predictor dot com.
In a new Housing Predictor survey nearly 1 in 3 mortgage holders say they will walk away from their homes if 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 decades.
The online poll found similar results when it asked the same question last March, demonstrating that American homeowners' attitudes about paying back their mortgages are changing as a result of the financial crisis. Studies indicate that an increasing number of consumers are paying down credit cards and other lines of credit not related to real estate before their mortgages.
Consumers are also 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