Dude, your first statement was decidedly bullish and the second is definitely backing down from that stance. You do know that we can read them right?
Don’t worry, if I made a living selling 40 year old 1500 sq’ homes to people that sold for $160k in 2000, for $499k today, and was trying to convince myself and the buyers that it was a good deal because it sold for $750k in 2005 I’d be conflicted too.
I can name just as many homes in my hood that are bank owned and empty yet don’t show up on any foreclosure data source I can find. I bet there are many homes with mortgages in your hood that are delinquent that have no NOD filled yet as well.
What’s a “loan mod in process”? Sounds like code for bank waiting for a good time to say NO, it’s just a foreclosure with baggage. As I said before, the mistakes both ways even out to a degree.
How many “short sales” have rotted on banker’s desks with no real intention of closing? More may be closing now but its still an unreliable stat.
Banks are playing all sorts of games of hide the problem and you are falling for some of them.
Your argument that all foreclosure data sources are wrong is just sad, Really. People are not paying their mortgage because they are underwater by $100ks, this has been going on and continues and is even accelerating in many areas or haven’t you heard.
