24 Jan 2013 by Jim Fickett.
The current trend of improving house prices will (gradually) allow some formerly underwater home owners to sell and escape bad loans. However as of Q3 of last year (the most recent comprehensive data available) the inventory of bad loans was still very high and coming down only slowly.
Here are the data, from the Mortgage Metrics report, covering about 2/3 of the wider market, and the FHFA Foreclosure Prevention report, covering Fannie and Freddie. (See the Reference page US home forfeitures and its sub-pages for sources and background.)
And here is a closer look at the home forfeiture rates, showing that they have been pretty steady for about two years: