Dribbling them out is what they are doing. selling 50 a month with 650 a month are piling up, leads for a long long backlog to be dribbled out. Years worth. Empty houses with no power, no running water, no ventilation, don’t age well.
It’ll be interesting, in general, housing across a broad swath of American isn’t nearly as over extended as SoCal. SoCal and Cali in is one of few island of housing psychosis.
Will the Fed come riding to the housing rescue of California and Florida? Or will the excesses and fraud in the California and Florida be painted as the root of the problem?
The problem Cali has coming has already come to the rust belt in Ohio and Michigan. I see lip service, but I don’t any traction.
In the end, this is a credit bubble, and their only two solutions, the credit bubble inflated assets have to return to fundamental values or fundamental value have to rise to the bubble.
