. May 19, 2006 SouthAmerica: The television program âNightlineâ on May 16, 2006 was about the increasing number of foreclosures in the US housing market. They said that today 1 percent of all houses in the United States are going thru the process of foreclosure. They did not give the actual number of houses that are being foreclosed right now. I have been expecting the real estate bubble to burst in the US because of increasing interest rates - since a large number of people have adjustable mortgages and they will not be able to pay the increase in monthly mortgage payments. The shit should hit the fan in the near future and it will not be a pretty sight. âNightlineâ - Reality check Foreclosures on the rise. NIGHTLINE (ABC NEWS) Broadcast Date: Tuesday - May 16, 2006 .
That's great news, this will make housing more affordable. I am expecting (hoping) housing price will drop about 33 to 50 percent for the next three years or so.
It's estimated that 1 out of every 500 - 600 homes end up in foreclosure. The state of Georgia is leading in foreclosures. Texas then Florida. Industry experts say foreclosures will increase over the next 3 years. Bad news for property owners. Good news for home buyers & investors.
I live in Chicago, and I'm sitting idly on the sidelines anticipating a massive crash in the condo market here......... There are For Sale signs all over this city.....and nothing is moving....
Things have been quite nutty where I live (province of Alberta, in Canada), but I was quite suprised to hear that the Vancouver market was barely up year over year. Vancouver area has been screaming the past couple of years, and I think it is only up a few percent year over year.
the same thing has happened overseas. Here in costa rica few people can afford decent housing. It costs half as much to rent as it does to buy. to add insult to injury...all loans are FLOATING rate...none fixed. they start at around 9% in dollars. I am saving like crazy to look at some buying opportunities in maybe 5 years or so. luckily sold all my US real estate last year! yipeee!