The Scottsdale Blog: Foreclosures to skyrocket in 2007?

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March 12, 2007

Foreclosures to skyrocket in 2007?

by John O'Leary

More bad news for the housing market. There are estimates being discussed in the real estate circles nationally that 2007 may bring as many as 1.5 million foreclosures! This figure was given last week by University of California-Berkeley economist Ken Rosen. Another estimate was for up to 2 million foreclosures. Additionally, estimates are that up to 100,000 people might lose their jobs in the housing industry.

The foreclosures would increase the inventory of home for sale while the ramifications of losses to the financial industry would equate to further tightening credit.

Read the full story by Bob Ivry with Bloomberg News

Posted at 08:21 PM in National Housing News | Permalink

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