The one thing that remains clear is that while the process has slowed, there remains no consensus on a viable solution other than foreclosure to eliminate the excess mortgage debt that has left millions underwater and continues to hinder the broader economy.

s of the end of February, foreclosure inventory levels stand at more than 30 times monthly foreclosure sales volume, indicating this backlog will continue for quite some time. Ultimately, these foreclosures will most likely reenter the market as REO properties, putting even more downward pressure on U.S. home values.

Nevada has a great many empty homes, and after my experiences flipping occupied properties, I will be happily focused on the empty ones.

“Foreclosure filings dropped to low levels not seen in quite awhile,” says Sean O’Toole, CEO and Founder of ForeclosureRadar.com. “We will likely see more sluggish foreclosure activity in the months ahead while lenders continue to work through lingering concerns over foreclosure documentation and deal with process changes.”

If you bought an REO property from Fannie Mae in the last few years – especially a property that fell out of escrow before you bought it – there is a decent chance that important information about that property was purposely not disclosed. This has no doubt happened to thousands of recent buyers.