USA Todayreports that 1.7 million homeowners are on the verge of losing their homes. This inventory, referred to as "shadow" inventory will continue to weigh down prices in the upcoming years. One year ago this number was 1.1 million and this shows that lenders are not stemming the tide of foreclosures through modifications and workout programs. Economists expect the 1.7M number to rise in the next year.
Markets are getting pounded with homeowners walking away from their homes due to unemployment, hardships, or extreme negative equity. It's a mixed bag of good and bad news with home prices showing stablizing or minimally gaining to understanding that we are in the eye of the hurricane and still need to come out the other side.
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