The loan modification programs were certainly successful in delaying the inevitable: foreclosure. As shown in the chart below, there are now approximately 2.5 million foreclosures in process, and another 2.5 million mortgages that are 90-plus days delinquent. These numbers will trend down, while bank-owned properties (REOs) -- currently there are 562,000 REOs -- and short sales will trend up. The greatest levels of distress will be in the markets already hit hard, such as Stockton, Calif., and Orlando, Fla. Here are the top five shadow inventory markets in terms of months of supply (from our February report titled "Only the shadow knows"): No more free lunch To colorfully illustrate what is occurring; w...
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