It is a major problem in my view. In fact, it is so dire my wife and I took the decision a while back to leave California, which we are doing at the end of this month. I believe the problem is the shadow inventory which manifests itself in different forms. The best definition I’ve heard for it is all homes that would ordinarily be on the market. So not just REO’s, but those which are waiting for a recovery, maybe the move-up segment, and any other reason you would expect to see homes being listed but aren’t due to the economic situation, and housing market woes. It has characterized the market for some time, and is a common complaint not just among buyers, but also Realtors. It is an important message that I feel strongly needs to be out there. Good on you for bringing it up. Maybe someone is listening.
