Having lived through the last two real estate cycles in CA, I can say that this down trend is happening way faster and with far more severity!! Lenders are probably swamped with homes to process and not a lot of desire to get them on the market too quickly. Although an empty house probably represents a non-performing loan, it’s not recognized as a loss until it’s actually sold. Credit is contracting and unemployment is rising. I would not be in a hurry to buy right now. Those homes will eventually get to market and be cheaper than they would be now.
