Brace yourself for the coming deluge

After a year of delays and denials in the so-called "robo-signing" foreclosure paperwork scandal, loan servicers and judges alike are putting the process back in place, and after the customary slow down around the holidays, the first part of next year should bring new record numbers of foreclosures. This, unfortunately, will further lower home prices, and those who are close to being underwater will feel the waves lapping at their foundataions. If you consider all the costs associated with selling a house, and subtract that from the equity, the total number of mortgages with negative equity goes from approx 30% to nearly 50%. And that's before the floodgates open in the next few months. Totally unsustainable in today's market, with no turn around in sight. The 'Crazy Train' started by the Bush years is picking up steam and gaining momentum.

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