Miami, Las Vegas still hardest hit with foreclosures and delinquencies

Just when it seems safe to jump into the real estate market again -- hey, it's spring, that's when we do that -- the drumbeat of negative news ramps up once again.

Despite hopes for a leveling off of homes entering foreclosure, the percentage of homes in foreclosure has increased to 3% of all mortgaged homes, from 2.2% the year before, according to Santa Ana, Calif.-based First American CoreLogic, a housing data firm. Some of the country's largest cities, such as Miami and Los Angeles, are among a host of hard-hit metro areas.

Currently there are 3.5 million mortgages at least 90 days delinquent, according to First American, and two million mortgages at least 180 days delinquent. The glut of foreclosed homes portends low prices and a continued buyers' market, as supply outstrips demand. So what else is new?