A recent report from Amherst Securities Group could be good news for home buyers, assuming they have the wherewithal and personal finances to back up their search. But for the rest of the economy, the report indicates that the housing market may be in for still more of a shock in the coming months.

According to Amherst, as many as 7 million pending foreclosures could flood the market in the near future, driving housing prices down. That number represents homes that have already been repossessed by lenders or are in serious danger of defaulting. By comparison, 1.27 million homes were in the same financial hot water in 2005.

The 7 million units represent 135 percent worth of an entire year of existing home sales, which are pegged at 5.2 million, Amherst noted.

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