[quote=jpinpb]Whatever term one prefers to use, shadow, stealth, short sale active, bank owned not listed, bank owned listed, low percentage distressed modified, 50% modified that re-defaults, the bottom line is that there is downward pressure and properties that are upside down. What will become of them and how they will get absorbed is, to me, more of a concern.[/quote]

They will see the market eventually. It’s largely irrelevant at this point. There is so many losses the banks are playing hide the sausage until the can’t any more. At this point the have to increase intervention just stay even there is so much downward pressure. Something will break eventually. I may be the currency, in which case property is not a bad idea. Or full deflationary collapse if they stop intervention. There really is no in between.