Talk about a bad hangover: It would take 107 months for banks to sell their inventory of...

|By:, SA News Editor

Talk about a bad hangover: It would take 107 months for banks to sell their inventory of foreclosed homes, up from a similarly bad 103 months reported in April. The backlog looks like it will continue to grow, as failed mortgage mods are prompting a new wave of defaults and home sales slowed sharply after the government's stimulus program ended.