Thursday, July 15, 2010
After Subprime – still a big mess
"A record 269,962 U.S. homes were seized from delinquent owners in the second quarter as lenders set a pace to claim more than 1 million properties by the end of 2010, according to RealtyTrac Inc". " â€œForeclosures havenâ€™t peaked yet,â€ Nicolas Retsinas, director of Harvard Universityâ€™s Joint Center for Housing Studies in Cambridge, Massachusetts, said in a telephone interview. Unemployment suggests that bank repossessions may climb for another six to nine months, he said".