The housing overhang, according to Amherst Securities Group (ASG) analysts in a report released today, is not only caused by the number of nonperforming loans currently in the market.

They said that the problem also involves the high rates at which re-performing loans are re-defaulting, aside from the relatively high rates at which deeply underwater mortgages that have never been delinquent are going two payments behind for the first time. 

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