Photo: Håkan Dahlström
The data on the 2010 housing market is in, and it doesn’t look good.High unemployment, record bankruptcies and dropping prices are just a few of the issues nagging home sales. Thus 2011 might not be the year the recovery finally comes.
12 months from today, an estimated 20 million people will be underwater on their mortgages. That's 28 per cent of all homes
There are 5 million delinquent loans not yet in foreclosure -- which are projected to drive foreclosures 20% higher than they were in 2010
14 million more people are unemployed today than at the height of the housing boom (POTENTIAL HOMEBUYERS LOST)
The end of the first-time homebuyer tax credit resulted in a 30 per cent decline in applications -- despite record low mortgage rates
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