Waves

I'm not sure way reporters love to refer to a "second wave" of foreclosures, as if the first wave was ever behind us. I really do get this sense that people think that somehow there was a problem which was solved, or that we managed to get past if only temporarily. The foreclosures just keep on coming...

A second wave of foreclosures is poised to hit the market, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices.

These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales.

About 7 million properties are destined to go into foreclosure, according to a September study by Amherst Securities Group, compared with 1.27 million properties in early 2005.