This vast bucket of homes more than 90-days delinquent, in foreclosure, or REO represent one-third of the non-agency residential mortgage-backed securities market and will negatively pressure housing prices until the backlog clears in more than three years' time.
This is only 90 day plus delinquency. This doesn't include the 2 million plus homes that are 30-90 days delinquent. A large percent of these homes will also fall into foreclosure.
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