Monday, February 2, 2009

Foreclosure Estimates; Worse than Expected

By Sarah Horner
Monday, February 2, 2009

An article from entitled, "Flood of Foreclosures; It's worse than you think," Talks about the recent spike in housing foreclosures.

"The National Association of Realtors calculates official housing inventory statistics using data from the multiple listing services. By that measure, there were 4.2 million existing homes for sale in November, an 11.2-month supply at the current sales pace, up from a 10.3-month supply in October.

But now it seems quite possible that these figures, which are already at record highs, are underestimating the situation. And if that's the case, it could take much longer for the housing market recovery than analysts currently expect.

Until supply can be brought down to a more normalized level of six to seven months, home prices will continue to come under pressure, according to Yun."

Click here to read the entire article.

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