[[quote=temeculaguy]Come on Rt.66, take on my fundamentals, take on my data, my math,my examples, something other than plattitudes like “tsuinami is coming,” “the banks are all in a conspiracy,” what else you got, that stuff is tired.[/quote]
Opinions are like something everyone has. From what I’ve read your data is that on your street there are fewer REOs and your friends, neighbors and relatives are buying the foreclosures?
How about some real news and figures from real sources.
Here’s something that’s not exactly shouting “market bottom”:
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In March, housing prices accelerated on the downside, indicating bigger adjustments dead ahead. Trend lines are steeper now than ever before — nearly perpendicular. Housing prices are not falling; they’re crashing and crashing hard.
Now that the foreclosure moratorium has ended, notices of default (NOD) have spiked to an all-time high. These notices will turn into foreclosures in four to five months’ time, creating another cascade of foreclosures. Market analysts predict there will be 5 million more foreclosures between now and 2011. It’s a disaster bigger than Katrina.
Soaring unemployment and rising foreclosures ensure that hundreds of banks and financial institutions will be forced into bankruptcy. Forty percent of delinquent homeowners have already vacated their homes. There’s nothing Obama can do to make them stay. Worse still, only 30 percent of foreclosures have been relisted for sale, suggesting more hanky-panky at the banks. Where have the houses gone? Have they simply vanished?
600,000 “disappeared homes?”
Here’s am excerpt from the San Francisco Chronicle explaining the mystery: “Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources. And foreclosures, which banks unload at fire-sale prices, are a major factor driving home values down.
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Here’s a nice chart from the San Fran Chron article and another professional opinion on the shadow inventory your neighbors might have missed when they were on their buying spree:
