Industry NewsMarkets & Economy

Trillions in mortgage debt loom large

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Sean O'Toole is founder and CEO of, a company that focuses on California real estate foreclosure statistics. He will speak about foreclosure realities and opportunities during the Inman News Real Estate Connect conference in New York City, which runs from Jan. 7-9. He responded to a set of questions posed by Inman News: What do you see happening in the real estate market in 2009? I see the return of affordability completing its course in 2009. The hardest-hit markets have likely already corrected, with perhaps a few now overcorrecting. The markets that have remained strong will likely now crack under rising unemployment. These corrections, while certainly painful, will bring affordability back to sustainable levels. Though it will likely still take a couple of years to deal with the trillions in negative equity created during the bubble, the return of affordability will ultimately create a stable, sustainable housing market -- an outcome that is in e...