Banks and mortgage servicers are not repossessing a massive backlog of distressed properties, which is likely to further depress home prices and prolong the housing crisis. Millions of delinquent loans are in limbo because banks want to avoid taking losses and the government has given them plenty of options, from foreclosure moratoriums to loan modification programs.
Paul Jackson is the former publisher and CEO at HousingWire.see full bio
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The story for the housing market over the past three years has been, “Home sales are down, home prices are up.” Because inventory was so restricted after the pandemic, prices pushed higher even as demand weakened. That story may finally be inverting as unsold inventory of homes is now great enough that home prices are […]
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Paul Jackson is the former publisher and CEO at HousingWire.see full bio