The Tale of a Lost Mortgage

Road to Nowhere
The stalling of foreclosure proceedings has implications beyond the housing industry. The completion of foreclosures is a painful but necessary step in the redevelopment of the housing market. "Foreclosures are a huge cloud hanging over the housing market," says Ed Leamer, director of the UCLA Anderson Forecast. "Until they're cleared out, builders aren't going to build, buyers aren't going to buy, and prices aren't going to go up."

• Foreclosure Foul-Up: Tracking Down Those 'Lost' Mortgages