The other properties are leased to existing tenants under the provisions of the Protecting Tenants at Foreclosure Act, are located in states with a redemption period after foreclosure, or are under renovation or otherwise unavailable for sale. 18  Other potential approaches include loan modification programs, principal reduction protocols, and the use of short sales and deeds-in-lieu of foreclosure.
Such approaches are discussed in Board of Governors, “The U.S. Housing Market” (see note 1). BIS central bankers’ speeches  7