PS, it’s possible that this earlier article makes the same mistake. Take that as a compliment!
To get to the end of this, I tried to track down something that actually came from Cagan’s mouth or pen and one of the things I found was an October 28, 2005 paper he wrote. I’d say I put little credibility in what Cagan has to say whether he means “at risk” or “expected”.
Are There Foreclosures in Your Future? In the hot coastal and cyclical areas, foreclosures are now few, and have a small impact on market conditions. Are foreclosures likely to return soon to these markets in large numbers? While there may be local exceptions, on an overall basis the answer is “no” for two reasons.
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Therefore, I do not expect foreclosures in significant numbers for years.
