Six million foreclosures expected in next three years

Last month saw the third highest foreclosure rate on record, according to CNBC’s real estate reporter Diana Olick, raising questions over whether this month is an anomaly or the start of a heightened foreclosure environment. Michelle Meyer, vice president at Barclays Capital, told CNBC that there are a large number of seriously delinquent mortgages in the field right now, causing a possible acceleration of foreclosures in the near future. According to Meyer, her group expects to see another 6 million foreclosures pop up over the coming three years.