SOURCE: G. Edward Griffin's website: http://www.realityzone.com/currentperiod.html
US: $2.2 trillion in U.S. commercial properties now at risk of foreclosure because they are worth less than in 2004. Their mortgages now are higher than their worth. Bloomberg 2009 July 29 (Cached)
U.S. Properties Worth $2.2 Trillion at Default Risk
By David M. Levitt
July 29 (Bloomberg) -- About $2.2 trillion of U.S. commercial properties bought or refinanced since 2004 are now worth less than the original price, raising the threat of more foreclosures, Real Capital Analytics said.
Prices have fallen so far that about $1.3 trillion of properties have either lost their owners’ down payment or are close to it, Robert White, president of the New York-based research firm, said in a report. The analysis includes only office, industrial, multifamily and retail properties. Hotels and raw land would “add billions more to the total,” he wrote.
Continues: http://www.bloomberg.com/apps/news?p...d=agyb1t2XNasM
US: 1.5 million home foreclosures to date is just "tip of the iceberg" according to Center for Responsible Lending. 13 million more expected by 2014. Reuters 2009 July 29 (Cached)
Foreclosure chart of the day
Posted by: Felix Salmon
July 29th, 2009
The chart comes from the Center for Responsible Lending (see link below):
According to Congressional testimony from CRL director Keith Ernst, the 1.5 million homes which have already been lost to foreclosure are just the tip of the iceberg compared to the 13 million total foreclosures expected over the five years from end-08 to 2014. He adds:
Continues: http://blogs.reuters.com/felix-salmo...rt-of-the-day/