ONE Million!
 

One MILLION borrowers may be at risk of defaulting on their loans. Impact of the housing bubble on the larger US economy: up to $120 Billion!

Check it: http://money.cnn.com/2007/04/13/real...ex.htm?cnn=yes

On the upside, buying foreclosed properties might get real lucrative as the bottom of the market comes to view. I doubt it's hit bottom yet, though.

So, does that mean it would be time to buy a house soon if your going to?

Depends on your area. I personally would wait before investing.

its going to be scary

yeah i agree 5submissions...:)

yeah i agree 5submissions...:):thumbsup

I don't get how people who are at risk for foreclosure, don't realize this months in advance and sell their property. Please enlighten me.

I got my taxes done today and my tax guy made mention that more than a few of his clients are losing their houses to foreclosure. Things are pretty grim in the Detroit suburbs with the auto industries struggling.

Well, a lot are probably trying to sell but the market is flooded with people trying to sell. So sales time drags out. Prices keep dropping. It becomes a downward spiral. That happened in Southern California in the early 90s. I remember my ex-neighbors down the street, it took around 10 years to get the price they PAID for their house. :Oh crap

A good scenario would be if the rest of the economy stays strong to cushion the blow....

thats some good info..

It's not going to be pretty for those most at risk!

The major problem is alot of the properties getting foreclosed are upside down. Almost all of them i have looked at have no equity at all, its a really bad trend. Im hoping when it starts to really get bad there will be some good bargins out there.

simple, they bought to high and no one wants their POS house anymore. Many people are buying condos and that is just funny shit. Buying a condo in some areas is like buying a used car, it will only go down in value. :2 cents:

Bad trend? Not at all....'upside downs' ARE bargins. Do some research.

In my opinion, tail end of 2008 is around the time to buy. I wouldn't buy before then if you're buying at market.

How do you get that? If a house i upside down they owe more on it than its worth. If its foreclosed upside down the bank usally wont let it go for less than market value.

An interesting 'side effect' of this whole process is that rental rates are shooting through the roof in some areas.