[quote=SD Realtor]dan you bring up good points. I am trying to think of a better way to state what I am trying to say without calling it a premeditated plan.
Let me state it this way… without calling it a premeditated plan. I think that the lenders knew they had passed the point of no return and they knew that the government would have to bail them out. Also I am not so sure that they were able to do anything logistically faster in 2008 at all. I think that is a subjective point. In fact if they were able to do so, at least in San Diego county our inventory would have been substantially higher then it was in 2008 and it was not.
So I guess I should not as sound so black helicopter like in my post. However I do still believe even if it is not all orchestrated, it certainly is playing out in a very favorable way to the lenders. Wouldn’t you say? [/quote]
I agree 2008 is probably the fastest they could do, and I agree that it definitely is favorable for lenders to let the foreclosures “dribble out” but I don’t know if that’s necessarily what they’re going to do.
2008 rates of new REO listings would be more than fast enough to send the market spiraling downward again.
Mr. Mortgage thinks there’s going to be a huge wave of foreclosures coming this summer, so if that does happen… it was just the moratoriums that were holding back the REOs.
Fannie and Freddie recently lifted the foreclosure moratorium that I thought had been lifted in January. I didn’t know they had extended it. This extension of the moratorium without much public fanfare definitely does qualify as some funny business.
