Andrew Butter has done some number crunching for readers of The Market Oracle The above bar chart shows the number of foreclosures gone to public sale annually since 2005 in the U.S. The total number of foreclosed homes represents about 1.7% of the housing stock. According to Butter there are another 2 million more homes in default status with about 100,000 more added each month. Most of these defaults will not be cured. It will take about two years to process all of the foreclosures at the current rate. Butter's worst case estimate is that about 10% of Americans will have been evicted before the credit debacle is finally over.
Tuesday, September 15, 2009
Chart of the Week: Realty Bomb
Andrew Butter has done some number crunching for readers of The Market Oracle The above bar chart shows the number of foreclosures gone to public sale annually since 2005 in the U.S. The total number of foreclosed homes represents about 1.7% of the housing stock. According to Butter there are another 2 million more homes in default status with about 100,000 more added each month. Most of these defaults will not be cured. It will take about two years to process all of the foreclosures at the current rate. Butter's worst case estimate is that about 10% of Americans will have been evicted before the credit debacle is finally over.