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The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.
About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Years it would take Jim Bakker to earn enough to pay his federal fine at his current job cleaning prison toilets:
Zoologists speculated that cannibalism among hippos might have led to an anthrax outbreak in Uganda that has killed at least 220 of the beasts. “I knew hippos were nasty,” said one anthrax expert, “but I didn’t know they went around eating each other.”
A white man in St. Louis was charged with punching a black man at a gas station after telling him to “go back to Ferguson.” “I’m going to let the authorities handle this,” said the victim, a former Major League baseball player, “but I’ve had enough of St. Louis.”
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“He could be one of a million beach-bound, black-socked Florida retirees, not the man who, by some odd happenstance of life, possesses the brain of Albert Einstein — literally cut it out of the dead scientist's head.”