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Jan. 4 (Bloomberg) -- Homeowners with the best credit are the next big risk for the U.S. housing market.
An increase in mortgage defaults amongprime borrowers in 2009 is likely to accelerate this year, slowing the real estate recovery even as Americans become more optimistic about the economy, said Robert Shiller and Karl Case, the economists who created the S&P/Case-Shiller Home Price Index.
“There will be continuing foreclosures, and not just subprime, it will be prime mortgages,” Shiller, a professor at Yale University, said in an interview. “This is creating a huge shadow inventory of homes that are still owned, but they’re going to be on the market in the next year or so.”
The number of prime mortgages overdue by at least 60 days more than doubled in the third quarter from a year earlier to 838,000, according to a Dec. 21 report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Unemployed homeowners struggling to pay their bills willdefault on their home loans and increase foreclosures, Shiller and Wellesley College’s Case said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=am2z88Oy1kJs
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