Long Foreclosure Process Makes "Free Rent" Option Appealing To Some Financially Strapped, "Underwater" Homeowners

In Grand Junction, Colorado, KJCT-TV Channel 8 reports:

• Foreclosure rates in Mesa County continue to be well below the national rate, but people are staying longer than ever in houses they're no longer making payments on. A look at the latest numbers shows people in foreclosed Colorado homes are staying in their houses for an average of 331 days before being forced out. That's nearly a year with no payments. But the banks are the ones telling them to stay. It's a mix between an investment to keep the property in good shape, and a hope that the owners will find a way to afford to live there.

For the story, see People staying for free in foreclosed homes.