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When Living in Limbo Avoids Living on the Street - NYTimes.com

ORLANDO, Fla. -- Forced by the harsh realities of the real estate market, lenders are increasingly likely to allow defaulting owners to remain in their homes -- a change in attitude and strategy that is helping to buoy some neighborhoods while further slowing the nation's foreclosure process.

Some lenders are now willing to make deals with owners to let them stay after defaulting, offering to pay home insurance, for example, while the resident pays for utilities. Other lenders simply look the other way, quietly putting off foreclosure sale dates, knowing that the costs of the ordeal probably exceed the diminishing value of the properties.

The evolution in thinking was perhaps inevitable, experts say. Across the country, more than 644,458 properties were lingering in bank ownership at the end of January, but even more -- some 710,725 -- were coming down the foreclosure pipeline, according to RealtyTrac, a real estate and foreclosure analysis firm.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Sun Mar 4th, 2012 at 01:07:26 PM EST
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