Here's a quote:
"The industry continues to wait for the flood for foreclosure sales as the amount of delinquent properties continues to grow at a staggering rate. In fact, the number of serious delinquent properties and foreclosures now out-number foreclosure sales by a 50:1
"The latest data from Lender Processing Services' Mortgage Monitor report shows that the number of mortgages that are 90 or more days delinquent, combined with the foreclosure inventory at the end of May, totaled 4,084,557. The number of foreclosure sales stood
at 78,676 at month end. In fact, LPS stated that there are still significantly fewer foreclosure sales than there were before the foreclosure moratoria were put into place, and the numbers are actually declining."