What a surprise, the knife catchers hoping for future gains (or rather a stop to the bleeding) and realtors are claiming all the numbers are whack or just refusing to even acknowledge them.
Number don’t lie folks and all the high hopes in the world won’t change what is actually taking place in the housing market and the economy.
Like I said before, you can cut the RealtyTrac numbers in HALF and they would still be very, very bad and proves the shadow inventory is real and not really even hiding. Bankers love that you believe the seemingly unbelievable (no shadow/no disaster) though.
I’ve watched RealtyTrac in certain areas for years and constantly see shadow houses simply disappear from their listings, that I know are still bank owned. Rarely have I seen a house empty for 12-18 months and still be listed on RT (they vanish).
RT gets its numbers from public records people, not from cereal boxes or the crumb filled desk drawers of perma-bears.
Of course there are instances (many) where a house sells and someone sees it still listed as a foreclosure on RT for a few days or weeks before the system learns of the sale and records it as such. It will get listed as a sale by RT and the understandable lag equals out with the lag in reporting REOs.
Sometimes a week or two to report a NOD or NTS and sometimes a week or three to report a sale, it all comes out in the wash and the numbers suck hard.
I bring numbers and links; others bring high hopes and painfully transparent commission aspirations.
