“Despite having 9 NOD filings within a week in the 92127 zipcode, only two of these homes are on the MLS. This fits with what we are seeing with our foreclosure/pre-foreclosure tracking data as well as our inventory tracking data. In short, the distress is increasing, but the distressed owners are not listing.
Market psychology is a very important factor. Here we have 7 out of 9 distressed homeowners simply giving up and just letting the clock run its course, what does that say about the seller psychology? More impressively, of the 5 homes owned by REALTORS®, only 2 out of 5 are bothering with a listing. If even the cheerleaders are tossing away their pom poms, oh boy…”
