schizo – I hope by your post you are not suggesting that just because we can’t give you an exact number on the phantom inventory that we should not consider it. We are all striving to get a better and real idea of what’s out there. To dismiss stealth, shadow, phantom – or whatever fancy word suits you or anyone else – would be like sticking your head in the sand.
It should not be ignored. It is real. It is out there. It gradually and imminently continues to trickle in adding to inventory. Mr. Mortgage did try to give some figures based on the loans taken, amount of sales, defaults, the time it took to get to foreclosure and the time the bank took to get it listed. A process that does not happen overnight. Nevertheless, it nonetheless exists.
From the looks of charts I’ve seen based on the amount of loans done in the past and the adjusting of rates this month, that tells me in a few months there will be more defaults and foreclosures and by year end we may see more banks listing properties.
So are you saying that it’s not going to happen? If you in your infinite wisdom know of something that will prevent that, I would be very interested in knowing it this way I’ll run out and buy today.
I’ve been monitoring certain areas I’m interested in, made offers on a few homes that unfortunately didn’t work out, but continue to see defaults and foreclosures and mind you, I’m looking somewhat along the coast – which people have suggested is immune.
