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.
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Some housing pundits report the demand for housing is strong, while these same pundits, on another day say that we are in a housing affordability crisis. Can the two narratives be accurate at the same time? If not, which is one is true? HousingWire Columnist Logan Mohtashami takes a deeper dive.
Across the Twittersphere Tuesday morning, real estate agents and home sellers griped about the glitches they were experiencing on the Zillow website.