Armed as we are with all these facts about the “shadow inventory” and the coming storm of resets and the last two months setting records for NODs, someone will still post a:
“Is now a good time to buy?” thread. And many over-eager house wanters will give their pro oppinion as to why you needn’t be concerned with 80k houses in CA’s shadow inventory or 15% unemployment or a complete global financial melt-down. Realtors will have many a “now’s a good time to buy” type replies, as always.
RTC-2 is my guess on what the banks are waiting for. TPTB have kept housing artificially high for a year and a half into the bursting bubble. Think of how many knife catchers the bank are profiting from because of that subterfuge.
Geithner will eventually come out with RTC-2 and take the houses off the bank’s books at some inflated fantasy price and then auction them off fast, furious and cheap. Then recovery can start.
