USA Today reports foreclosures now taking 17+ months and expectations are that this could grow to close to 2 years. We asked Kirk Nace what he feels this means to the US housing market, "The longer it takes to work through the process, the greater the total pain which will be endured. The fact we are still seeing this number grow tells us that we are years away from a bottom in the housing market." For frequent followers of this site, Kirk Nace has been sharing for years that this correction will far greater in both depth and duration than either The National Association of Realtors or our elected officials in D.C. would have us believe.
Click on the title above or the link below to review the entire USA Today article.
http://www.usatoday.com/money/economy/housing/2011-02-21-unpaidmortgages21_ST_N.htm
