Foreclosures to Impact 20 Million Homeowners

 

DESTIN, FL, Feb. 15, 2010 --(PR.com)-- Foreclosures are likely to impact 20-million homeowners in the U.S. if government officials don’t take action to lessen the severity of the foreclosure crisis, according to Housing Predictor.

The real estate research firm was the first to forecast the foreclosure epidemic, triggering the worst economic turmoil since the Great Depression.

In a recent Housing Predictor dot com survey nearly 1 in 3 mortgage holders say they will walk away from their homes if housing prices continue to fall. The action would leave bankers on the hook for trillions of dollars in unpaid mortgages and send the U.S. economy into a worsening financial crisis, resulting in the highest number of renters in decades.

Consumers are saving more in light of the economic turmoil and home sales are improving in many especially hard hit areas of the country with the assistance of first time and move-up home buyers tax incentives.

Foreclosures compose the majority of home and condo sales nationally. Nearly 6-million additional Option Arm adjustable rate mortgages will reset through 2010 and more than three-quarters will not be able to be refinanced under present guidelines.

As a consequence, millions of more homes will go into the foreclosure process and provide a growing inventory of property at bargain prices. Housing Predictor forecasts housing markets in all 50 US states.

Contact:  Housing Predictor, Mike Colpitts, 850-622-1016, mailto:yourrealestatepro@hotmail.com,
http://www.housingpredictor.com/