Sometime in 2010, according to the USA Today:

“A second wave of foreclosures is poised to hit the market, potentially undermining housing recovery efforts as more homes add to the glut of inventory and drive down prices. These homes largely represent loans that are delinquent but have not yet resulted in foreclosure sales.”

The reason? The report lists several:

• Moratoriums
• Overwhelmed lenders
• Modifications
• Asset write-downs

Add it all together and Mark Zandi from Moody’s, which is “among the world’s most respected and widely utilized sources for credit ratings, research and risk analysis,” predicts that about 2.4 million homes will be lost to foreclosure next year.

That’s nearly a half-million more defaults that occurred in 2009 based on their data.

If you’re in financial turmoil do everything you can as soon as possible to not add to that potential tally. Remember that professional foreclosure consultants can be reached right here.

It’s free help.

On the flip side, be sure to search Foreclosure.com today if you’re in the market to purchase a foreclosed home in your area. It’s FREE for seven days. Click here.

Gregory Holm (a photographer) and Matthew Radune (an architect) plan to freeze a foreclosure home in Detroit, Mich., and demolish it in spring 2010 to draw more attention to the alarming default situation that has plagued “Motor City” for several years now.

“Ice House Detroit” — one of more than 13,600 active distressed properties in Wayne County, according to third quarter 2009 statistics from Foreclosure.com — will eventually be razed and donated to the community when the unique project is complete sometime in 2010.

The two “artists” came up with the idea of spraying a house with water and freezing it while studying architecture at Rice University in Houston, Texas. It just so happens that Radune feels Detroit is the ideal canvas for their work.

Here’s a snip from Yahoo!:

“It’s a project that couldn’t be done in the same way in New York City and it wouldn’t necessarily make the same sense. Detroit was a place where we could make it into more than architectural installation.”

Holm and Radune have yet to select a specific abandoned house in the region. Once they do they will take photographs of the transformation of the house, which will be featured in a book and possibly a documentary film.

We’ll keep you posted on their progress as it becomes available. In the meantime, feel free to check out their “Ice House Detroit” Web site right here.

Late 2010, according to the Mortgage Bankers Association (MBA), which serves as the national association that represents the real estate finance industry.

Jay Brinkmann, MBA’s the chief economist, recently shared the prediction during the group’s annual conference in San Diego, California.

Here’s a snip via Bloomberg.com:

“Foreclosure rates will continue to climb through late next year, peaking only after the U.S. unemployment rate reaches 10.2 percent in the second quarter…. ‘This recession is like a hurricane: You’ve survived the storm and you have a big mess afterwards,’ [said Brinkmann]. The effects of the recession, which he said probably ended in July, will linger for ’some time’ in the form of higher unemployment, fewer mortgage originations and lower business development, he said.”

The good news is that there appears to be light at the end of the tunnel.

In addition, it serves as yet another reminder that the “for sale” foreclosure inventory will soon begin to wane as fewer homeowners fall into distress and more buyers flood the market to capitalize on great deals.

Remember, foreclosures are often the first stop for smart house hunters and investors because of their value — you can typically get way more house and pay much less for it the closing table.

Start your search on Foreclosure.com today right here. It’s FREE for seven days. We also provide FREE email alerts, which keep you constantly on top of the best deals that pop up in your area … and you don’t even have to lift a finger. Click here.

Mortgage lending giants Fannie Mae and Freddie Mac are offering special programs to spark home sales nationwide, according to the New York Times.

And according to Brad Geisen, Foreclosure.com founder, president and CEO, big banks might not be far behind:

“We’re starting to see banks loosen up on financing and consider a number of different incentive programs to move their inventory. I know a number of banks who are getting ready to release programs like this, between now and the end of the year.”

Deep discounts on prices and insurance, as well as closing cost and home repair assistance, are several of the perks that buyers can take advantage of right now.

Remember that Fannie Mae-owned properties can be found on HomePath.com and Freddie Mac lists its homes on HomeSteps.com. Both sites are free to search and offer complete property details.

On Foreclosure.com, of course. Paul Owers from the Sun Sentinel explains:

“… there are many bank-owned properties here in Florida. Banks often offer reduced or no closing costs when these homes are purchased. All lenders are motivated to unload their inventories, so there are deals to be had out there. As far as financing, rates are still at historic lows and Federal Housing Administration loans allow for as little as 3.5 percent for down payments. You can contact different banks or check out websites such as Foreclosure.com.”

To search foreclosed homes in Florida, as well as preforeclosures, Sheriff Sales, short sales, bankruptcies and other distressed real estate for great discounts, click here. It’s free for seven days — more than enough time to find your perfect retirement/vacation home at an affordable price.