About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners.
many servicers are holding back on foreclosures and the related houses are not yet being offered for sale
The borrowers in trouble now are, for the most part, people who have better credit and safer loans and have become delinquent because they've lost their jobs or are dealing with other economic setbacks
In addition to those already in default are 11 million more U.S. borrowers who owe more on their mortgage than their home is wort
Click on the following for more details: New wave of foreclosures threatens market - Washington Post- msnbc.com
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