Loan modifications are being credited with playing a key role in the improving delinquency picture for home mortgages, but housing economists and analysts caution that the industry isn't out of the woods quite yet.

Even though loan mods are supplying some relief to beleaguered consumers (and servicers), many restructurings ultimately fail - and with unemployment expected to remain high throughout the year, some market participants are revising their forecasts for continued improvement.

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