[quote=Nor-LA-SD-guy]In my view this shadow inventory is at least part urban legend part truth,
The truth is that yes there are still a lot of homes that will sell under some sort of distress sale category and that will continue to depress the market some.
The other part is that Socal still needs more Single family homes, and any decent home at a decent price will get bought almost as soon as it hits the market in most of SD and TV anyway (maybe not some places like antelope Valley or whatever) and that will keep the market more or less level (or at least at about cost to produce) for a while yet.
But five or six years from now well you guess.[/quote]
Or to put this another way,
For single Family homes in most of Socal, there is enough pent up demand (at the right price = mortgage at about cost to rent) ,
That IMO it almost does not matter how many homes go into foreclosure, they will be bought up almost as fast as they hit the market,
Just think about TV, about a year and a half ago, it just seemed overwhelming there were so many foreclosures , I mean the place was just flooded with them, but most got bought up a lot quicker than many expected.
Just something to think about.
I remember an article from a well known business magazine at that time that was saying Murrieta was number one city in the nation in home resale’s due to foreclosure sales, Temecula was number three.
