As the foreclosure crisis deepens, increased attention is being paid to foreclosure statistics, which are often used to judge the intensity of foreclosure problems both within and across regions. However, these statistics need to be interpreted carefully; different foreclosure statistics embed...

Nearly one homeowner in ten is more than 90 days delinquent on his mortgage payment. Most of the homes under these mortgages are likely to be repossessed by lenders and resold, which has led some to call them a shadow inventory. How much these homes will affect the broader housing market depends...