The Housing outlook for 201o, and quite frankly, for the next three years is looking less and less optimistic.  CNBC is reporting the Spring outlook in housing sales to be "as bleak as ever", stemming from the upcoming wave of forclosures.

 

Read the CNBC artical:  http://www.cnbc.com/id/35877012/

 

As late as Friday March 19, the Obama Administration announced yet another plan, in a line up of plans that have done very little to impact the alarming rate of forclosures across the country. Some analysts predict less than one million struggling homeowners will get help from the latest plan designed to provide banks and homeowners to seek mortgage modifications. But even the Obama Administration acknowledges this will not help the masses.

Diana Farrell, a White House economic adviser, said the plan won't prevent most of the 10 million to 12 million foreclosures expected over the next three years. Doing so, she said, "wouldn't be fair, it would be too expensive and we probably wouldn't succeed in any case, because many people got into homes that they simply cannot afford."

How is it possible that 12 million homeowners "got into homes that they simply could not afford"? Come on, I for one don't remotely buy into that logic.  Many of the homeowners I represent who are being forced to sell, are having to do so because of job loss, transfer or a reduction in pay, not because they could not afford their house.  These hardships have put them in a position to lose their homes, not the lack of affordability.

Current data from Credit Suisse suggests a significant wave of foreclosures is expected to hit beginning this summer and peaking during the sumer of 2011.  The same data accurately reflected the large wave of foreclosures we just came out of, this next wave is projected to be bigger. Hold onto your hats, we are in for a very rough ride.