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Foreclosures on the Rise as Alt-A Loans Sour

This video is somewhat dated, but still very relevant.

The housing market - already awash in subprime foreclosures - is now getting hit with a second wave as homeowners with "liar loans" default in record numbers. (Aug. 18)

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Comment by NowUKnow.com on January 23, 2009 at 5:06pm
Flood of foreclosures: It's worse than you think

Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate.

Housing might be in worse shape than we think.

There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market.

The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market.

"That's not good news," said Pat Newport, an analyst with IHS Global Insight. "[Excess] inventory is the biggest problem in housing these days, and it leads to lower housing prices, which leads to more foreclosures."

RealtyTrac, the online marketer of foreclosed properties, recently discovered that it has far more foreclosed properties listed it its database, which the company compiles using courthouse records, than there are listed in the multiple listing services (MLS) maintained by real estate agents.

Cont’d………

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