On Thursday, Credit Suisse raised its foreclosure projection from 6.5 million to 8.1 million over the next four years.
From CNBC.com:
The housing downturn, now in its third year, has triggered a U.S. recession and motivated governments around the world to enact interest rate cuts and other programs to stabilize economies. Rising unemployment has exacerbated delinquencies on mortgages and other types of credit, and may push foreclosures above 10 million in a more severe recession, they said.
"The severe recession that appears more and more likely, coupled with the collapse of confidence in housing and resultant foreclosures and the impact on credit scores, risks transforming the U.S. into a subprime society," the analysts, led by Rod Dubitsky, said in the report.
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