The level of foreclosure activity continues to rise and is not likely to peak in the near term, according to chief economist Mark Zandi of Moody's Economy.com. Mr. Zandi, speaking at a Demos news conference in Washington June 25, estimated that some 9 million homeowners are in a negative equity position, meaning they owe more on their mortgage than their home is worth. And in May, some 2.75 million home loans were in default, more than three times the level of defaults in 2005, the recent low point, Mr. Zandi said. "The problem is not going away," Mr. Zandi said. "It is likely to intensify for the remainder of this year and into next." The company can be found online at http://www.economy.com
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