This is one of the best articles I've read that really helps explain the mortgage situation that exists today and the stalling of the foreclosure market. It is a bit long, but if you are looking for a primer in easy-to-understand language, this article is for you.
Bubble, Bubble, Toil and Trouble in the Foreclosure Market
I certainly agree with this bullet point in the conculsion area:
"At the risk of understatement, slowing down the foreclosure process just for the sake of slowing it down is really not helpful at this point in the housing correction. In fact, it's really quite bad for the market as it will delay the natural process of supply and demand reaching equilibrium because buyers will stay away from a market that they view as still heading down. And we'll have less of a real sense of total supply because a lot of it will be tied up in homes that are in foreclosure limbo. We absolutely need to make sure that the foreclosure process is proceeding in a legal and transparent manner but, once that is satisfied, it's not going to help real estate markets to delay foreclosure actions that are ultimately going to happen anyway at some point in time."
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