U.S. homes that will go into foreclosure will climb around 20% to reach a peak number in 2011, according to RealtyTrac Inc.
Rick Sharga, RealtyTrac's senior vice president, told Bloomberg, "We will peak in foreclosures and probably bottom out in pricing, and that's what we need to do in order to begin the recovery. But it's probably not going to feel good in the process."
In 2010, a record 2.87 million properties received notices of default, auction or reposession, up 2% from a year earlier. The number of foreclosures continued to climb despite a probe into questionable lending practices that saw a plunge in foreclosure filings toward the end of 2010, including a 26% drop in December.
Foreclosures have continued to drag down U.S. home prices. However, according to Fannie Mae, home values may see a rise of 0.6% this year which would be its first annual jump since its peak in 2006, after which prices have fallen by as much as 33%.
Banks seized over 1 million homes in 2010 - up 14% from a year earlier. About 3 million homes have been reposessed since the collapse of the housing market bubble. Sharga says the number could rise to 6 million by 2013 because there are still many homeowners out there who have yet to default on their loans.
He said, "What makes this almost inevitable is the fact there are 5 million seriously delinquent loans not yet in foreclosure. They've got to eventually get in the pipeline unless the homeowners cure the defaults."
Thursday, January 13, 2011
MARC FABER NEWS
Dr. Doom? Marc Faber Sees Stock Buying Opportunity
The dean of doom, Marc Faber, told CNBC on Tuesday that a variety of asset classes—including equities—may be worth buying for short-term gains. In the midst of market volatility on concerns over Federal Reserve tapering, he said, "Treasury bonds ...
Marc Faber aka Dr. Doom: S&P 500 Index Could Fall 20% To 30% Easily
Dr Doom warns stocks are oversold but S&P readies for another drop
Marc Faber Forecasts 30% Stock Market Crash, Says Buy Gold
The Market Oracle
The Fed's 'tapering' comments have ramped up market volatilaty and Faber gives some advice for short and long-term strategies. For example: ""The best course of action is to actually not buy anything, but rather to reduce positions on a rebound," Faber ...
Marc Faber: Bull in the short term, bear in the long term
... so perhaps it's best left to someone who has historically said “sell.” Marc Faber, author of the ”The Gloom, Boom & Doom Report,” and often called “Dr. Doom” because of his bearish sentiment, says there are buying opportunities — at least in the ...
Marc Faber: Gold a possible canary in the deflation coalmine
Here's what Marc Faber, editor of Gloom Boom Doom report told MarketWatch in an email. “Maybe gold is signaling a deflationary collapse of all asset prices. If this were indeed the case I suppose I would rather own gold than government bonds, high ...
MARC FABER: The Way Things Are Going, Bernanke Will Have To Give Us 96 ...
"Incredibly Bad Sentiment" Makes Gold & Bonds a Buy Says Marc Faber, as All ...
“Sentiment on Gold and Bonds Incredibly Negative” – Marc Faber Predicts ...
Marc Faber Sees Further Downside
China's factory output weakened to a 9-month low today, and financials saw a huge sell-off today, with the FM traders; and The Gloom, Boom and Doom Report's Marc Faber, shares his economic outlook. There's plenty of room for the stock market to decline ...
Marc Faber: More S&P downside, commodities 'horrible'…except gold
Marc Faber says 'thanks' to Bernanke
[An earlier version of this blog mistakenly attributed the comments to Marc Faber's blog. The original comments were made in an interview with Barron's on June 1. The comments were picked up Tuesday in a tracking blog that aggregates Faber's public ...
Dr. Doom Marc Faber: Don't Bet on New Market Highs
Faber said large cap stocks like McDonald's, Coca-Cola, Procter & Gamble and Wal-Mart "have most likely peaked." However, he thinks there are still stocks that show strength that could continue to appreciate "because all the money flows into fewer and ...
Marc Faber Is Glad He Owned Stocks, Even As He Warned Everyone Of Stock ...
"People with assets are all doomed, because prices are grossly inflated globally for stocks, bonds, and collectibles," says the investment advisor in a new interview published in this week's Barron's. But Faber is the first to admit that at least the ...
Marc Faber notes liquidity squeeze depressing stocks but still buying gold
Famously contrarian in his approach, Dr. Faber is usually out of step with Wall Street but has an excellent reputation for calling the major market turns. He does not say he is shorting equities, though he notes emerging market equities and currencies ...