UR – I don’t know where you live, but the ZIPs I’m monitoring are not listing. I’ve seen many NODs and they are not listed, short sale or otherwise. Remains to be seen if in the next 2 months the banks just foreclose and list them w/in 2 weeks. But for now, there’s a lot of stealth inventory.
I’m thinking people are in denial. Like SDR, I don’t know what to make of it. Inventory is diminished greatly on the MLS while the stealth has increased expotentially. I don’t know what the delay is in listing. Theories and speculation are floating around. Will they all be re-worked and loand mod’d? Are the banks just not wanting the loss on the books and intentionally procrastinating? What will happen when Alt-A and Option ARMs come due?
People are acting like ostriches and sticking their head in the sand, ignoring what’s looming on the horizon, as if they ignore it, it will just magically go away. People were short-sighted during the ride up and continue to be, never looking ahead beyond the nose on their face.
Maybe they think the government will just take care of everything. After all, they’ve done a great job so far. /end obvious sarcasm.
As for people still going out, if you lived somewhere for free for a year, you would have money to spend. Your major monthly expense is the house where you reside (mortgage/rent) and vehicle, expenses associated w/them both.
It is so common for banks to lag for a year and people just not pay their mortgage for a year. That’s extra money in their pocket to go out and dine and shop.
