Foreclosure Expert Tackles Myths, Says No New Wave Coming

Sean O'Toole likes to talk about foreclosure "myths," Sanford Nax writes. The founder of ForeclosureRadar, which tracks default trends, appeared before the Sacramento Association of Realtors on Tuesday and offered what he called a contrarian view of the housing crisis. The first myth: “Foreclosures are evil.”

Not true, O'Toole said. Foreclosures did not cause prices to fall. They don’t cause neighborhood blight, and there is not going to be a tsunami of new foreclosures in 2013.