Flood of Foreclosures: It's Worse Than You Think

Flood of Foreclosures: It's Worse Than You Think
"http://www.truthout.org/012509A [1]">http://www.truthout.org/012509A</a [2]>
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 [3] | Jan 21, 2009

From Bloomberg [4]:

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 [5], who predicted last year's economic crisis.

Read more [6]

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Links:
[1] http://www.truthout.org/012509A
[2] http://www.truthout.org/012509A%3C/a
[3] http://www.rgemonitor.com/roubini-monitor/bio/nouriel/nouriel_roubini
[4] http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aS0yBnMR3USk
[5] http://search.bloomberg.com/search?q=Nouriel+Roubini&site=wnews&client=wnews&proxystylesheet=wnews&output=xml_no_dtd&ie=UTF-8&oe=UTF-8&filter=p&getfields=wnnis&sort=date:D:S:d1
[6] http://www.rgemonitor.com/roubini-monitor/255219/bloomberg_roubini_predicts_us_losses_may_reach_36_trillion
[7] http://www.geocities.com/questministry
[8] http://www.wardogsmemorial.org/
[9] http://www.disclosureproject.com/