U.S. Loans in Foreclosure Tie Record; Lenders Delay Seizures - Bloomberg

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The median sale price nationally fell 1.1 percent in December from a year earlier, according to the National Association of Realtors. Declining home prices contribute to foreclosures because if homeowners who have lost equity fall behind on their loans they can’t sell their properties unless they are able to pay off the difference between their mortgage balance and the sale price, Brinkmann said.
At the end of last year about 15.7 million mortgaged single-family homes, or 27 percent, had negative equity, according to Zillow Inc., a Seattle-based real estate information company. It was the highest share in data going back to the first quarter of 2009.

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U.S. Loans in Foreclosure Tie Record; Lenders Delay Seizures - Bloomberg



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