Downward Spiral

NYTimes: As Lenders Hold Homes in Foreclosure, Sales Are Hurt

Over all, economists project that it would take about three years for lenders to sell their backlog of foreclosed homes. As a result, home values nationally could fall 5 percent by the end of 2011, according to Moody’s, and rise only modestly over the following year. Regions that were hardest hit by the housing collapse and recession could take even longer to recover – dealing yet another blow to a still-struggling economy.

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