Foreclosure crisis isn't over yet - CSMonitor.com: "Reporter Mark Trumbull puts the factors into perspective:
An improving jobs picture is vital to boosting the number of people who have the income and confidence to become home buyers. Two related factors also have an important role in the pace of foreclosures: the stability of home prices, and the ability of banks and at-risk borrowers to work out sustainable loan modifications.
The more home prices fall, the more borrowers go into a negative equity position (with loan balances greater than the value of their home), making default more likely. Loan modifications, meanwhile, can help struggling borrowers avoid default. But many of the modifications don't make deep cuts in the balance due. Perhaps as a result, a high percentage of the modified loans have been going back into default."
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