As of today, over 9% of all home loans are delinquent!! This is outrageous and must be helping sales of Maalox and Tums.
Unemployment is at 7.4% nationally with over 5 million people being out of work for over 6 months.
If only 10% of all delinquencies turned into short sales or foreclosures, this would add over 69 billion dollars worth of new inventory. The sad part for many people is that they have given up on saving their homes as they are upside down.
Let's hope that the number is not close to the 10% level... If not, I may be investing in those companies that make Maalox and Tums!!
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