The number of new foreclosure starts for the first five months of 2009 has reached one million according to the Center for Responsible Lending. They are projecting 2.4 million foreclosure starts by the end of the year, which it says will reduce property values of some 70 million households by $502 billion, or at an average of $7,200 per homeowner.
This is so unfortunate and hopefully will end soon. I wish we were notified how many of the foreclosures were due to job losses, negative ammortization loans, stated income loans, 100% loans, etc. And, I wish the average loss for the homeowner in our area was $7,200.
Hopefully we will start seeing some sales that are not foreclosure or short sale so home values can be more accurate.
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