Foreclosure Expert: The Worst is Yet to Come - Foreclosure filings reach nearly 3 million in 2009, record high | foreclosure, shutters, million - Local News - The Star Online : The Newspaper of Cleveland County: "Some of those mortgages are simply walking away from homes because the outstanding principal on the mortgage is higher than the home’s value. Adding to the problem are mortgage companies, which also walk away from homes because of back taxes, lawyers’ fees and homeowners’ association fees.
“The problem is working its way up in income levels,” said Gardner.
Overall, he expects the number of foreclosures to increase at least until 2012 as they extend into wealthier neighborhoods, targetting professionals such as doctors, accountants and lawyers, he said.
And because of that Gardner has a simple message for consumers: The worst is yet to come."
I think he's right. Thanks to Fred Pilot for this depressing but true perspective.