Nationwide, 12.6 percent of home loans were delinquent (at least one payment past due) or already in foreclosure at the end of the third quarter, according to the Mortgage Bankers Association.
That equates to more than 6 million distressed homes; however, not every home loan that is delinquent will end up in foreclosure. In fact, the number of delinquent home loans declined by nearly 8 percent in the third quarter.
In October 2011, foreclosed or short-sale homes made up 28 percent of U.S. existing home sales, the National Association of Realtors recently reported.
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