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[stocks]

KEITH JUROW: Prepare For The Coming Housing Collapse

Housing pundits are nearly unanimous in declaring that housing markets are showing signs of bottoming. This is nonsense!

We have been told that the rate of mortgage delinquencies has been declining over the last year. Let’s see.

In the NYC metro area, the banks drastically cut back foreclosing on properties in the spring of 2009 and have never changed their policy.

There are roughly 265,000 seriously delinquent homeowners in NYC who have not yet been foreclosed. Why so many? The banks do not foreclose in NYC.
As of May 24, foreclosure.com reported a total of 301 foreclosed properties on the active MLS and 103 in Brooklyn. Together, these two boroughs
have a total of 4.7 million residents.

Hard as it may be to believe, the situation is even worse on Long Island. With fewer than 3 million occupants, Nassau and Suffolk Counties
showed a total of 175,000 pre-foreclosure notices sent out as of the end of March.


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