At this point, the statistics are misleading and pointless.
They are no longer an indication of anything, except being understated, certainly not overstated.
With delays, moratoriums, modifications, workouts, and procrastinating, it is impossible to get an accurate gauge of the problem.
If servicers/lenders were reporting NOD’s accurately on the same schedule every month, the numbers WOULD mean something.
The swings, the estimates, the averages and the median are nothing more than crap for the main stream media to report, and for the masses to believe as gospel.
It’s just as foolish to look at housing inventory that is currently listed and conclude that those are the only houses for sale.
Liars, damn liars and statistics.
There are probably 5x the number of listings that would be up for sale IF prices were 10%-20% higher,
people would be thrilled to sell for just a bit more.
Many people would love to sell their house today but know that it is impossible because of what they owe, and they don’t want to “lose money” so they are hanging on until the market improves.
Bwaaaaa HAAAA HAAAA.
No sense in listing it, but it’s for sale at a price.
They are better off getting foreclosed on and staying for free for 9 months ++++++ but they haven’t accepted this yet.
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On another note, Sheila Bair’s plan is a joke.
Only if it’s NOT in the borrower’s best interest will they offer them a mod….
If FDIC is better off foreclosing, they will do that to protect the investor, not the mortgage slave.
Unfortunate victims that were preyed upon by mortgage scum are now being victimized by the govt on the premise of helping them..
