You really think logistics is the problem? I think its all the foreclosure moratoriums. In summer 2008 they were cranking out REOs at a fairly brisk pace or at least MUCH faster than they’re doing it now. This makes me think:
1) They did not have a premeditated plan before the bust to hold back foreclosures. They may have come up with this plan in the last 6 months, but not before last summer.
2) Logistics are not playing a part in getting the REOs on the market. They were able to do it logistically in summer 2008, they should be able to logistically do it now.
