Discuss Meaning of 'Shadow Foreclosures'?
Do we know what percentage of US homes are mortgage-free? I remember a one-third figure from some years ago.
I'm reading gloom and doom stories about foreclosures still in the pipeline. What's the rest of the story?
Our Chicago Tribune today reports that 20% of homes with mortgages in the Chicagoland area (Cook, collar counties and The Great Beyond) are at risk -- from 30 days late in payment to much worse. It says that 80% of these are expected to result in foreclosure.
So...80% of 20% of 66%... Is that saying that 10% of all Chicagoland homes are likely to go on the market as short sales, in auctions, etc.? Is that different from stats for the last two years? Just a prolongation or something new?
Yes, it IS a Big Deal, but how big? When I tried to Google for info I came up with articles on The End of the Middle Class. (Home ownership being long-valued as inheritable wealth.)
I'd guess the percentage of the population renting has increased too. Perhaps that's only returning to a norm after too many 'homeowners' were unable to sustain mortgages once the 'lure' rates increased.
Care to comment?