It seems that the NODs are a massive quantity, but the foreclosures just trickle in. The banks are definitely reluctant to release them for whatever reason. Some say too busy, but I’m more inclined to believe they don’t want to take the loss on the books, which sucks b/c our tax dollars were supposed to help the banks’ loss and get the inventory resolved.
It’s like neither is happening. You hear about a trickle of places that got mod’ed and a trickle of bank owned on the market. Nothing en masse. I don’t hear about massive loan modifications. Yet I see places sitting empty for a long time. Of course the epitome is the destruction of the houses in Victorville.
