Large Wave of Home Foreclosures Still to Come
home foreclosures
Yesterday, Freddie Mac chief executive, Charles Haldeman, warned of a “potential large wave of foreclosures” still to come.
Freddie Mac lost almost $26 billion last year. Freddie Mac, which has lost a total of almost $80 billion since the housing crisis started in 2007, is bracing for more pain. The company said a record 4 percent of its borrowers are at least three months behind on their payments and facing foreclosure.
Freddie Mac said it will likely need more financial aid and might never repay it.
“We now have unlimited taxpayer exposure to the bailout of Fannie and Freddie, a bailout nation where the big get bigger, the small get smaller and the taxpayer gets poorer,” Rep. Jeb Hensarling, R-Texas, said at a House hearing Wednesday.
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Negative equity is a big deal no doubt but I believe that job loss is what will really create a wave of foreclosures this year.
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One big reason loans will continue to default in mass is that no one can afford to sell their home. In my area condos sold for $430,000 to $490,000 are now being sold in foreclosure between $199,000 and $235,000!
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Inventory is going to grow as foreclosures continue to happen, but where are all the people going to come from to buy the houses?
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