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Nicolas Retsinas
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The Foreclosure Pileup: More Bad News for the US Economy

Posted November 30, 2010 | 14:43:11 (EST)

Imagine a million-car pileup on the highway. Nobody moves. That's the housing foreclosure breakdown: houses stalled, waiting on the housing market highway.

The cause of the pileup, like the cause of most pileups, is volume. Too many mortgages have broken down. A decade ago, a small stream of cars stalled...

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