January 6th, 2009, 1:00 pm · 1 Comment · posted by Jon Lansner
Serdar Bankaci, founder of foreclosure tracker Default Research of Mt. Pleasant, Pa., says …
- “We expect to see foreclosure activity continue through the first two quarters of 2009. With home prices in California dropping between 20 to 30 percent, many homes purchased during the real estate boom are upside down. Those who took the risk and financed using adjustable rate mortgages are going to have problems.”
- The foreclosure situation in California and across the country should improve though by the third quarter of 2009 when the significant action taken by the United States government late in 2008 trickles down into the economy. “It generally takes 9 to 12 months before interest rate cuts by the government and other stimuli begin to benefit the consumer, and then the foreclosures should slow down.”
Other real estate news …
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You’ve got to be kidding. Seriously. How could it possibly slow with all the Alt-A/Pick a Pay junk now heading for default with no chance of rescue. Oh because the govt programs will help as we have seen so far they are working at a smashing success rate(heavy sarcasm)