SD, I know there has always been conspiracy theories about phantom inventory and I am not one of those who believe the banks are in collusion, but I am so confused lately. I track the trustee sales, in my zip code there will be 50 this week actually going back to the bank and available to be listed the next day. For three months there has been 25-50 a week, yet about 10-20 get listed. These aren’t short sale delays or reworks, they are over and done with, sitting vacant, I’m stalking a few right now. Is it just that their REO people are getting crushed right now with work, they can’t hire some of the unemployed former mortgage brokers? I know of many properties that went back to the bank in May and are still sitting, unlisted, what kind of a plan is that? “let’s leave it until the spring bounce is over and we can lose another 20%.” Or maybe the lawn isn’t dead enough for them. If this is how they do business then they deserve to be out of business. It’s frustrating as hell. It took them 9 months to get it back and they just let it sit, mindboggling. And then when they do list it, they pick some realtor from L.A. who barely speaks english, doesn’t know jack about the house or area, quotes comps from miles away, posts a single blurry picture of the outside, it happens all the time, it’s killing me.
