How big might the foreclosure wave be?

We estimate a backlog of around 850,000 foreclosures will have built-up if the ban is extended until the end of September, similar to the peak seen during the financial crisis. However, not all those foreclosures will be processed in the final quarter of the year, many will not lead to a forced sale and, in any event, with inventory so low the boost to supply will only help cool house price growth, not cause a crash. Global State of Play, 28^th January, 0800 GMT and 1600 GMT. In the first of our regular briefings of the year, Group Chief Economist Neil Shearing will lead a discussion about the economic impact of vaccination programmes, another US fiscal stimulus package and fresh lockdowns in China.