Speaking at the National Consumer Law Center’s Consumer Rights Litigation Conference in Boston, Federal Reserve Governor Sarah Bloom Raskin delivered some sobering news about the Fed Reserve’s expectations for the housing market.
Raskin discussed how foreclosures on residential properties soared from about one million in 2006, the “peak of the boom”, to 2.8 million last year. There were 1.2 million foreclosure filings in just the first half of 2010 and, right now, nearly five million loans are somewhere in the foreclosure process or are 90 days or more past due.
Raskin said “our projections remain very grim for the foreseeable future: All told, we expect about two and one-quarter million foreclosure filings this year and again next year, and about two million more in 2012. While these numbers are down from their peak in 2009, they remain extremely high by historical standards and represent a trauma in the lives of millions of people affected.”
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