For the record, I’m still surrounded by 35-50 SFR’s in various states of “shadow inventory” whilst the “real, listed as `traditional sale'” local inventory is much, much less than that. These “shadow inventory” homes have NOD’s filed against them which have never been acted upon (why??), are inhabited by “mod-paying homedebtors” with little to no income, are property-tax delinquent awaiting the auction list (some of these also grossly over-mortgaged) and/or have been listed (off and on) as “contingent” short sales for the better part of the last three years. The latter group is in the worst shape, by far.
How is a lender going to qualify a homedebtor for a mod if they have no income and/or they are an absentee landlord collecting rent? And if they’re not qualified, don’t these lenders know the phone number of ReconTrust? It should be on their speed dial but if not, I’ll be happy to give it to them :=0
