[quote=Rt.66]
I’d bet a vast majority of NODs are not from seconds at all but mostly from first mortgage holders.[/quote]
I don’t know about all areas, but in the 10+ ZIPs I watch, I come across very few seconds, judging from the dollar amounts of the NODs. Now I have come across a handful of NODs, emphasize handful, that are first AND seconds (one in PB by Armstrong comes to mind – 1st and 2nd for close to same amount 400k something). I have seen multiple NODs for the first on a handful of properties, some that got their first NOD sometime last year and just got the can kicked to get another NOD. I think I’ve only seen one NOD on a second that was a low dollar amount (100k) on a very pricey house in LJ, if I remember right. First didn’t file a NOD yet.
[quote=CA renter]Are the bulls asserting that there is no “shadow inventory” at all, or are they saying that it just isn’t on the market right now, and may take a long time to get there. Two very different things, no? [/quote]
Yes. I think we can all agree there is shadow inventory out there. I think that for now much of that is in limbo and how it will get absorbed or to use sdr’s word, the disposition of them is what is in question. Clearly the government doesn’t want this to be fast. We are going down the slow road.
In the interim, prices are declining, just at a slower pace. I have seen a few that sold higher than asking, but still lower than peak. This is going to take a long while. Maybe by then inflation will hit. Maybe that’s their game plan. People that somehow don’t get foreclosed will be trapped in their house destined to be mortgage slaves.
