Blog
7 Million Homes in Default
June 15, 2011
We attended two high-level meetings with bankers recently and thought a few of the salient points were worth sharing. First both lenders (Bank of America and Wells Fargo) used the same estimated figure of seven million homeowners in the U.S. being late on their mortgage payments by 90 days or more. To put this number into perspective, there were approximately 800,000 short sales or foreclosures concluded for all of 2010 and there will be an estimated 1 million in 2011. So, this begs the question: What is going to become of all these properties? (…)