Posted on Monday, July 13, 2009
Some economic observers are predicting another wave of foreclosures later this Summer or the Fall. That’s because lenders that have held off on foreclosures as part of President Obama’s plan are now move forward aggressively to clear the backlog of troubled mortgages. There is fear that these rising foreclosures will further depress home values. Some predict that 15.4 million home owners—one in five of those with first mortgages—will be underwater.