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"Foreclosure Trends: A sobering reality,"
The investment bank Credit Suisse is now predicting that 6.5 million American homeowners -- that's one out of every eight that has a mortgage -- will end up in foreclosure over the next five years.
In a report this week titled "Foreclosure Trends: A sobering reality," Credit Suisse predicts home prices will continue to fall throughout 2008 and 2009, causing a huge wave of foreclosures.
"... We estimate a total of 6.5 million loans will fall into foreclosure over the next five years, with the peak in 2008," the report says. "That estimate includes about 1.2 million loans currently already in foreclosure ... The coming flood of new foreclosures could put 8.4% of total homeowners, or 12.7% of homeowners with mortgages, out of their homes."
Other key points in the report:
One out of every 194 U.S. households received a foreclosure filing in the first three months of 2008, according to the latest figures released earlier this month by Realty- Trac. There were nearly 650,000 foreclosure filings -- which include notices of default, auction sales and bank repossessions -- issued during the first quarter of 2008. That's up 23 percent from the last quarter of 2007, and up a whopping 112 ... more

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