Thursday, March 4, 2010

Second Wave of Mortgage Defaults Coming in 2010

Quoting End of the American Dream blog:
"The housing crash of 2008/2009 was one of the biggest financial disasters in American history. Approximately 6 million homes have been foreclosed on by lenders in just the last three years alone as millions of American families watched their hopes for achieving the American Dream go up in smoke. Since early 2008, approximately 60 million U.S. homes have lost a combined 5 trillion dollars in value."
The Massive Second Wave of Mortgage Defaults is Coming is a scary read. The second wave is set to start in 2010. These 60 Minutes program videos are from the first wave of defaults in late 2008. They provide info on what's to come as well. Then of course, there's the commercial real estate bubble that's in the process of bursting as well.