“The NAR was the main lobby behind the ouster of DeMarco. With so many “would-be sellers” living “free” while waiting months for a (dicey) SS approval or to be foreclosed upon (with both possibly occurring simultaneously or in-tandem), they’re not listing because they are underwater …. hundreds of thousands of them grossly so.”

Even if a loan gets modified, they’d still be underwater. As far as I know, even after a mod, people can’t sell at the new loan amount — they need to basically do a short sale. This would just make more people sit tight, not less.

In other news, I was at the Morris County (NJ) sheriff’s auction this week. 25 homes went under the hammer with few bidders; a few months ago it was maybe four or five per week. *BANG* *BANG* Going once … SOLD! Should be some interesting grist for the mill as the REOs get offered through the fall and winter of 2013.

Good thing is that:
(a) the stooge may not be confirmed, and this will take a few months
(b) changing FNMA’s charter will take time as well
(c) hopefully I’ll have enough rental property not to give a fuck by the time the bums get a free pass.