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http://mortgage.freedomblogging.com...sees-65-million-loans-in-foreclosure-by-2012/
<span style="font-size: 14px;"><strong>Credit Suisse sees 6.5 million loans in foreclosure by 2012</strong></span>
April 24th, 2008 ? 19 Comments ? posted by Matt Padilla, Register Reporter and Blogger
Reuters reports that Credit Suisse says falling home prices and a dearth of credit could push 6.5 million loans into foreclosure by the end of 2012. That would equate to 12.7 percent of all residential borrowers losing their homes. In the last quarter of 2007, the foreclosure rate was 2.04 percent of home loans, according to the Mortgage Bankers Association.
The new forecast includes 2.7 million subprime loans. Reuters writes:
Subprime foreclosures, on top of the 676,000 already in or through the process, will hit 1.39 million in the next two years alone, an upward revision from the 730,000 predicted by Credit Suisse in October.
Falling home prices have made an increasing number of U.S. homeowners more vulnerable to default, they said. Nearly a third of subprime borrowers owed more than their home was worth at the end of last year, and that figure will double to 63 percent in 2009, they said.
<span style="font-size: 14px;"><strong>Credit Suisse sees 6.5 million loans in foreclosure by 2012</strong></span>
April 24th, 2008 ? 19 Comments ? posted by Matt Padilla, Register Reporter and Blogger
Reuters reports that Credit Suisse says falling home prices and a dearth of credit could push 6.5 million loans into foreclosure by the end of 2012. That would equate to 12.7 percent of all residential borrowers losing their homes. In the last quarter of 2007, the foreclosure rate was 2.04 percent of home loans, according to the Mortgage Bankers Association.
The new forecast includes 2.7 million subprime loans. Reuters writes:
Subprime foreclosures, on top of the 676,000 already in or through the process, will hit 1.39 million in the next two years alone, an upward revision from the 730,000 predicted by Credit Suisse in October.
Falling home prices have made an increasing number of U.S. homeowners more vulnerable to default, they said. Nearly a third of subprime borrowers owed more than their home was worth at the end of last year, and that figure will double to 63 percent in 2009, they said.
