[quote=temeculaguy]The narrative also mentioned flat NODS, increased NOTs but decreased Sales back to the bank, which makes me think that loan mods and short sales are taking a bite, that is the real story.[/quote]

TG,

I am willing to offer an alternative idea on the NTS’s not going to the bank, other than the Modificatons/ short sales are doing the job. Short sales are surly having an effect, I just dont know if it as big as what we see in the graphs.

Banks arent making the final step and foreclosing. Not because they are modifing/selling anything, they just dont want the house. In a market like the one we just went through, are still in, will prob still be in next year, can you blaim them?