Research Firm predicts a major foreclosures of houses in U.S.

Research Firm predicts a major foreclosures of houses in U.S.According to the assessments of a research firm, the number of U. S. homes headed for foreclosure would be enough to stock the housing market with a 10-month supply of unsold homes.

The Wall Street Journal reported on Tuesday that the study done by John Burns Real Estate Consulting Inc., said that 5 million homes, including condominiums, owned by owners behind on

their loan payments would eventually fall into foreclosure in the next few years.

These homes were called, the "shadow inventory" by the study, which would take 10 months to sell at the current rate of sales on a national average.

At the current rate of sales in Orlando, Fla., the homes would take 27 months to sell. It would take 24 months to sell these homes in Miami and 18 months to deplete the stock at the current

sales rate in Las Vegas.

The study predicted that a large majority of 7.7 million mortgage accounts, which are behind on their monthly payments would fall into foreclosure. (With Input from Agencies)