Tuesday, 2 June 2009

US foreclosures could hit 2.4 million by year end

This brief posting from FT Alphaville makes for very sobering reading

According to the Center for Responsible Lending in the US, the number of home foreclosures so far in 2009 has just topped 1m.

The lobby group even has a handy ticker, so you can watch the tally rise in real time:


The current rate of growth is 6,600 homes a day, or one every 13 seconds. But, as 24/7 Wall St points out, we’re only just getting going here.

The CRL reckons foreclosures will hit 2.4m by the end of the year, while by 2012 the ticker figure will have grown to a total of at least 9m.

The full bill in terms of house value destruction? $1,900bn, the CRL says.

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