I have to agree w/Rt.66 as far as what becomes of shadow inventory.
There is no denying the shadow/stealth inventory is out there. The only question that remains is what will become of it all, how it will get absorbed.
I never said they will all go to foreclosure BUT I did say that a low percentage will be modified. This is from what I’m seeing and also from what I’m reading and from NODs being kicked down the road to get new NODs and foreclosure dates and also from what Kelly wrote at VOSD.
A much higher percentage will short sell and of course it will be and has been for considerably less than peak price. Already a low percentage of sales are organic and the comps are much lower than peak.
