Key industry information sources suggest that more than 5 million homes had been foreclosed and sold as a result of the recent housing crisis, and some anticipate another 8 million to 10 million more foreclosures will make their way through the pipeline over the next few years.

However, as the National Law Center on Homelessness and Poverty (NLCHP) points out, this is only part of the picture.

About 20 percent of all foreclosed properties have been rental properties, according to a recent NLCHP report. In fact, about 40 percent of all families evicted in foreclosure are renters not owners — "shadow victims" of today's foreclosures.

With all those low-priced foreclosed homes on the market and mortgage financing available at near record low rates, this should be a great opportunity for first-time homebuyers.

That's not the way it's shaping up in early 2013. Many of those first-timers are still saving money for a needed down payment. Others who have the down payment face problems qualifying for a mortgage loan.

In the meantime, investors are swooping down in increasing numbers to pick off bargain-priced distressed homes. And many purchase their investment properties in all-cash transactions.

A growing number of businesses are being formed with the express objective of acquiring large numbers of homes and converting them into rentals.

It's tough for first-time buyers to compete with those investors. In a sense, they too are shadow victims of today's foreclosure process.

Q: How many homes have been refinanced through the HARP program?

A: Fannie Mae and Freddie Mac have refinanced nearly 800,000 loans through the Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency reported.

Since HARP's 2009 inception, the program has refinanced 1.8 million loans, with 790,619 of those loans refinanced in 2012 as of October. In October alone, more than 81,613 homeowners were refinanced through the program. Underwater loans continued to find relief through the program, with a little less than half of the loans refinanced in October in negative equity.

Q: Will prospective buyers be more motivated to purchase a home during this new year?

A: Analysts predict that home shoppers will likely have more urgency in the new year, wanting to buy before home prices rise even more.

Home prices are edging up in most markets, and buyers are taking notice. Buyer surveys recently have shown that home shoppers expect home prices to continue to inch up, and they want to cash in before they rise too much higher.

"Every single thing about housing is flashing green" with household formations rising, inventory falling, and affordability hovering at record highs, James Dimon, chief executive of J.P. Morgan Chase told CNBC last month.

The expectation for prices to continue rising is creating urgency among consumers to buy now, according to a Redfin survey of 1,084 active homebuyers.

The percentage of homebuyers who believe prices are bound to move higher in the next 12 months increased to 71 percent in the fourth quarter of last year from 61 percent in the third quarter, according to the survey.

"While rising prices are causing some buyers to purchase now, low inventory is prompting others to hold off on their search," the survey report noted.

Q: Are reverse mortgages safe?

A: Here's an excerpt from an article about reverse mortgages recently published by the National Association of Realtors:

"Some housing experts warn that lenders are advertising the loans (reverse mortgages) to seniors as "free money" that can be used to fund fancy vacations but not detailing all the risks associated with these types of loans.

"For example, several widows across the country have stepped forward saying they are facing foreclosure and eviction following their spouse's death because they weren't included on the reverse mortgage deed. The widows say they have no claims to live in the home unless they purchase it outright following their spouse's death, The New York Times reports.

"The Consumer Financial Protection Bureau is working on new rules for improving the disclosure of reverse mortgages and the hidden risks, as well as more supervision of lenders who issue these loans."

To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.