“Tsunami” of foreclosures still to come

On CNBC this week, housing analyst Ivy Zelman, CEO of Zelman and Associates, said there is a “tsunami of foreclosures and short sales still to come” over the next several years because of Alt-A and option ARM loans. Zelman said that the housing market in 2009 will be worse than 2008 because of an oversupply of distressed inventory with home values dropping between 20 and 30 percent.