Real Estate’s Compounding Problems

CR Daily News Prediction© REAL ESTATE (Predicted May 23, 2010)

REAL ESTATE -   Mortgage delinquencies and foreclosures set records in Q1 of 2010.   More than 10% of homeowners are now missing their payments.  More than 4.6% of homeowners are already in foreclosure and 4,500,000 homeowners have missed 3 or more payments and will soon be foreclosed on.

Predictions from Higher Intelligence - “We predict that unemployment and people trying to get by on reduced income will continue to exacerbate the housing problem.  You will see people who formerly had perfect credit and who had standard, fixed-rate loans be unable to continue paying.  Others, who are upside down on their home mortgage, will elect to just walk away from their property and save the little money they have coming in.”

Commentary through the Mediums: “The banks and county recorder’s offices, already short on staff due to layoffs, will have so much foreclosure paperwork to file that they won’t be able to keep up with it.  This will allow people to continue living in their homes without paying anything.”

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Tags: banks and county recorder’s offices won't keep up, foreclosures set records in Q1 of 2010, just walk away from their property, people with perfect credit unable to continue paying, save the little money they have coming in