Our own Spencer Rascoff appeared on Fox Business this morning to discuss the next wave of foreclosures lurking on the horizon and how this will impact any housing recovery.
Foreclosure resales already make up 20 percent of home sales nationwide (and in certain places like Central California, Florida and Arizona that number is much, much higher). Another 1.4 million homes are at least 90 days or more overdue on their mortgage and the foreclosure process has not yet begun.
Watch Spencer discuss how this ticking time bomb of pent-up supply could delay any housing recovery. He also shares his thoughts on interest rates and the first-time home buyer tax credit.