I knew that shadow inventory was growing and up to 7 million according to some estimates. However, some these home owners are getting private loan modifications.
"The most rapid increases in mortgage delinquency occurred in metro areas where home prices are much higher than local incomes can afford," said Tom Kingsley, senior fellow at the Urban Institute. "The other factors associated with rising delinquencies were declining employment, plunging home prices and higher densities of sub-prime lending in the peak period from 2004 to 2006."Read it all