- Word hasn't gotten around that the housing bust is winding down, so few homeowners realize they can get decent prices for their properties.
- An estimated 11 million homeowners are still "underwater" -- owing more on their mortgages than their houses or condos are worth -- so they can't easily sell. Underwater homeowners can unload their properties only if they can convince their lenders to "forgive" the shortfall, or if they're willing to make up the difference with cash.
- Developers built very few homes during the bust.
- Some states' lengthy foreclosure processes are preventing banks from seizing distressed homes and putting them back on the market.
Homeowners Need Convincing: It's Safe to Sell Now
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