Good point jpinpb what do semantics matter when the end result is the same; pressure on RE prices.
There is a HUGE number of people we know are not making their payments and then there are no doubt many others like in your example who we may not see in foreclosure stats, both are bad for RE.
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Lawrence goes renegade, confirms shadow or “foreclosures not for sale” inventory:
MIA San Diego Foreclosure Properties
After hearing the economist go back on forth on the issues, the local San Diego Realtors were ready for some concrete answers. The big question on everyone’s mind was, if foreclosures are rising, why don’t we have more San Diego foreclosure properties for sale? Mr. Yun confirmed that Fannie Mae, Freddie Mac, and other banks as well, are definitely holding back on releasing foreclosure inventory. “They are making a business decision” says Mr. Yun.
