John Ciresi, vice president and portfolio manager for Bank of America in Towson, Md anticipates a rise in the foreclosure rate in 2010 because 60 percent of loan modifications have failed and went into foreclosure. He indicates this is due to a combination of property devaluation and people losing their jobs. He further asserts that Bank of America is getting 40,000 new offers a month on short sales. I believe the famous line from the movie Jaws is appropriate for our rising housing problem, "I think we are going to need a bigger boat". Hold onto your hats!
Bankruptcy and the Economy
January 17, 2010
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