3rd wave of foreclosures
I am still sitting on the sidelines as I still believe the worst is not behind us. The next wave of foreclosures to be dealt with are the ones coming from the job losses. I think it will be interesting how this wave gets dealt with when the markets have already been through incredible stress.
I tend to think this wave will be harderwhen comparing the dollars involved to the dollars involved in previous losses. There is much less of a cushion left, or no cushion left, in terms of trying to find money to cover the losses.
Big Picture has a good post on it.
Also, it seems to me that this wave is having to be dealt with at the same time the commercial real estate is defaulting.