Foreclosure Storm Will Hit U.S. in 2009 as Loan Changes Fail

[Liberal_in_LA]

Foreclosure Storm Will Hit U.S. in 2009 as Loan Changes Fail

http://www.bloomberg.com/apps/news?pid=20601087&sid=au1wYjy9hoSE&refer=home

“We’re going to see a pretty significant storm next year,” Rick Sharga, executive vice president of marketing for Irvine, California-based RealtyTrac, said in an interview. “There are two or three clouds that suggest a pretty heavy downpour.”

Rising unemployment, expiring foreclosure moratoriums and state efforts that “run out of steam” will push monthly filings toward the record of more than 303,000 set in August, Sharga said. The number of homes that revert to lenders, the last stage of foreclosure and known as “real estate owned” or REO properties, will increase to 1 million from as many as 880,000 this year, he said.