Yep. That’s exactly what’s
Yep. That’s exactly what’s happening. I personally know someone who did not make a payment for several months and NEVER even got one NOD. They ended up doing a short sale that was 45% off 2005 price.

There are far more many NODs that should be filed that are, let’s say, suspended. Just more distressed invisible properties that mount. You have to dig to find out the truth. It’s nothing but games. Hot potato, kick the can and now hide the pea under the shell. Or sweep it under the rug.

The NODs are still there, just not recorded. The foreclosures should be happening, but banks aren’t doing it and the banks are “healthy” because of accounting rules.

I feel like I’m at a magic show. All lame tricks. Doesn’t really change what’s happening. Just trying to give you the illusion that everything is okay.

I don’t question the distress that’s out there. I just want to see how it’s all going to be absorbed or resolved or disposed.

Well, I don’t know about
Well, I don’t know about necessarily distressed, but working the system for sure. The people who did the short sale had money to make payments. They bought the condo w/the intention to flip in a few years and move up. They wanted a bigger place, but that was all they could afford in 2005. When the market went south and their plans weren’t going to materialize, they stopped paying.

This is only one I personally know so I can verify true, but I hear plenty of similar story of friends of friends who are not paying, some up to a year now, still no NODs.

This is where, unfortunately, we can’t really rely on data b/c it is being hidden, whether intentional or otherwise. Considering everything that has happened in the past 10 years, I’ve become somewhat skeptical, so I am more inclined to believe it is intentional.

I am not gullible enough to believe that everything is improving as the powers that be would like us to think.