Thought the housing crisis was largely over? Wrong. The national numbers are truly scary:
All told, (lenders) own more than 872,000 homes as a result of the groundswell in foreclosures, almost twice as many as when the financial crisis began in 2007, according to RealtyTrac, a real estate data provider. In addition, they are in the process of foreclosing on an additional one million homes and are poised to take possession of several million more in the years ahead.
But there’s good news: Some economists think that all will be fine if we can get through the next 12 to 18 months.
Big caveat: Most of the foreclosure carnage is occurring in the South and Southwest. Massachusetts and New England seem to be in much better shape. But if the inventory glut harms the overall U.S. economy, well, then … we’re ultimately all in the same boat