That is an anectdotal circumstance being theorized as a national conspiracy, I’m not buying it. The banks are slow to foreclose because they are busy and because they are encouraged/hindered by the governement to find alternatives and work out loans. The redefault rate is high on workouts and ultimately most are foreclosed and sold. The year long process is frustrating and the banks see it as a last result but 70% of the inventory isn’t sitting vacant as part of a conspiracy. Most banks held off on December kick outs but if you run the nods/nots for January, you will see they are heating up again. I spent 18 months tracking the nods/nots and curbside analysis of a particular zip code in my maniacal quest to beat the system. The conspiracy theories were fun but every data anomolie had an explanation. The California forcing banks to jump through some hoops before foreclosing caused about a 6 week drought in foreclosures and December always slows down, but the data gets corrected in most cases and evens out. That’s the beauty of the invisible hand, you can;t always see it but it’s always there. Of all the properties I tracked from nod to not to list, they all made eventually, they just had different timelines for reasons that I was not privy to.
