Flood of Foreclosures: It's Worse Than You Think

Submitted by Quest-News-Serv... on Mon, 01/26/2009 - 18:38.
Flood of Foreclosures: It's Worse Than You Think
"http://www.truthout.org/012509A">http://www.truthout.org/012509A</a>
Les Christie, CNNMoney.com: "Housing might be in worse shape than we think. There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market. The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market."

Nouriel Roubini | Jan 21, 2009

From Bloomberg:

U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is "effectively insolvent," said New York University Professor Nouriel Roubini, who predicted last year's economic crisis.

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