Foreclosures Continue to Go Up
You might recall (if you've been a subscriber for at least a year) that we predicted at the end of last year that foreclosures were going to increase dramatically in 2006. Well we're pretty sure that this trend will accelerate in 2007. We'll tell why we believe this in another issue. Here's what two industry experts had to say earlier this month.
New construction attracted some investors who got in over their heads and buyers who relied on discount mortgages that are now resetting at higher rates, two factors that are pushing up foreclosure activity, said Leslie Appleton-Young, chief economist for the California Association of Realtors.
"The foreclosures, at least for a while, are going to keep going up and up,'' Thornberg said. "This is going to feed on itself." (Christopher Thornberg, is a principal at Beacon Economics, a California Real Estate consulting firm)~
