[quote=jameswenn]the 1.2, 1.5, and 217k, aren’t part of the inventory yet. So maybe they dind’t mention what’s actually in REO yet.[/quote]
Or 70 virgins just sounds better than 20 virgins, if you are going to make up numbers, might as well make up good ones.
I wouldn’t be cynical if I hadn’t been reading the same story for years, it chaps my ass even more because a few years ago I believed it. I should just smile and be slightly amused the way I am when 5 year olds talk about Santa Claus coming. The assumptions are where the problems lie, it isn’t a conspiracy, it’s false accounting by those peddling the theory.
1.2 million loans missed 3 payments, o.k, that’s 1.2 million repos. NO!, that’s potentially 1.2, but at no time in history did 100% of nods go not, even before bailouts, help for homeowners, loan mods, there was not a 100% nod to not. The 217k without a payment for a year, those are probably all going to end up repos, but how many of the 1.2 are doing it on purpose to get a loan mod, how many of the 1.7 million in the process will be sold as short sales. Do you realize that every short sale takes one away from these lists, check redfin who breaks out the shorts for you, shorts are a dominant force in the market now. Short sales are starting to go through, that is taking a serios bite out of the foreclose numbers.
Or you can get a tin foil hat and hang out with Micheal Jackson, but Santa Claus isn’t coming and neither is the Shadow Inventory.
The guys that put together the case/shiller charts have never been discredited to my knowlege, unlike the mr mortgages and peter schiffs of the world, until they screw up, their charts are legal tender in these parts.
