Foreclosure backlog keeps building

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August 12, 2009
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July stats from ForeclosureRadar show that the backlog of California homes in default, but not yet repossessed, keeps growing.At some point, many of these properties will be repossessed and put back on the market. Some may be kept by the current owners through loan modifications, but that hasn't happened much so far. Until then, they remain clogging the system as "shadow inventory," most likely to be foreclosed and sold again.

Written by:
Written on:
August 12, 2009
Category:
Not Categorized