Depending on where you look or who you talk to, you will find a wide range of answers to questions about the economy, foreclosures, banking, etc…

I’ve seen a couple questions on forums and real estate advice boards asking if there will be a second wave of foreclosures to hit. I think a lot of people feel like they didn’t jump on the first wave of foreclosures and now they see the lower end market getting multiple offers. To put this in perspective, in February 2009, over 50% of home sales where foreclosure properties. Foreclosure sales are down about about 15% from those high number and therefore all real estate sales are down, making housing reports look like the market is tanking again. Definitely not the case…

Back to the question about the new wave of property foreclosures. According to responsiblelending.org, there isn’t going to be a wave of foreclosures, but the number of foreclosures over the next 4 years will still be very high. Peaking in 2010, and leveling out until 2012.

For example, California estimated foreclosures for 2009 is 462,124. Over the next 4 years in California we will see another 1,538,585. Just over 380 thousands per year. To view the entire list of foreclosures by state, click here

These numbers can change as the government plays with loan modification and mortgage relief programs for distressed homeowners.