As I stated last time this topic arose, two of the condos in my building are in distress, one is a NOT and the other is a NOD. Neither of them are listed in the MLS. The phantom inventory is not so phantom if you pull your head out of your… sand.
There are 10 units in my building, thus 20% are unlisted properties in limbo. This may be a microcosmic sample but you get the picture. Near-shore tides lower when water is being sucked out to form a tsunami. The longer the banks hold out, the worse it will be when it hits.
