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CricketOnTheHearth.
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October 1, 2009 at 10:47 AM #463413October 1, 2009 at 10:48 AM #462603
Rt.66
ParticipantOctober 1, 2009 at 10:48 AM #462797ParticipantOctober 1, 2009 at 10:48 AM #463142ParticipantOctober 1, 2009 at 10:48 AM #463214ParticipantOctober 1, 2009 at 10:48 AM #463418ParticipantOctober 1, 2009 at 10:57 AM #462608ParticipantNo mystery, no urban myth. People are not paying their mortgage because they are crazy, rediculous, stupid underwater. This is accelerating and will continue. The most respected sources of data show a very, very bad situation that continues to grow but because the banks choose not to sell most of the REOs, people act as if the disaster is not happening.
Why so many can’t look at the MLS and ALSO look at the foreclosure data is beyond me. It’s as if they just can’t believe that REOs would purposely not be listed on the MLS or for sale.
Banks must be falling over themselves patting each other on the back over thier seemingly impossible ability to convince people the problem is small by simply sitting on bad mortgages.
October 1, 2009 at 10:57 AM #462802ParticipantNo mystery, no urban myth. People are not paying their mortgage because they are crazy, rediculous, stupid underwater. This is accelerating and will continue. The most respected sources of data show a very, very bad situation that continues to grow but because the banks choose not to sell most of the REOs, people act as if the disaster is not happening.
Why so many can’t look at the MLS and ALSO look at the foreclosure data is beyond me. It’s as if they just can’t believe that REOs would purposely not be listed on the MLS or for sale.
Banks must be falling over themselves patting each other on the back over thier seemingly impossible ability to convince people the problem is small by simply sitting on bad mortgages.
October 1, 2009 at 10:57 AM #463147ParticipantNo mystery, no urban myth. People are not paying their mortgage because they are crazy, rediculous, stupid underwater. This is accelerating and will continue. The most respected sources of data show a very, very bad situation that continues to grow but because the banks choose not to sell most of the REOs, people act as if the disaster is not happening.
Why so many can’t look at the MLS and ALSO look at the foreclosure data is beyond me. It’s as if they just can’t believe that REOs would purposely not be listed on the MLS or for sale.
Banks must be falling over themselves patting each other on the back over thier seemingly impossible ability to convince people the problem is small by simply sitting on bad mortgages.
October 1, 2009 at 10:57 AM #463219ParticipantNo mystery, no urban myth. People are not paying their mortgage because they are crazy, rediculous, stupid underwater. This is accelerating and will continue. The most respected sources of data show a very, very bad situation that continues to grow but because the banks choose not to sell most of the REOs, people act as if the disaster is not happening.
Why so many can’t look at the MLS and ALSO look at the foreclosure data is beyond me. It’s as if they just can’t believe that REOs would purposely not be listed on the MLS or for sale.
Banks must be falling over themselves patting each other on the back over thier seemingly impossible ability to convince people the problem is small by simply sitting on bad mortgages.
October 1, 2009 at 10:57 AM #463423ParticipantNo mystery, no urban myth. People are not paying their mortgage because they are crazy, rediculous, stupid underwater. This is accelerating and will continue. The most respected sources of data show a very, very bad situation that continues to grow but because the banks choose not to sell most of the REOs, people act as if the disaster is not happening.
Why so many can’t look at the MLS and ALSO look at the foreclosure data is beyond me. It’s as if they just can’t believe that REOs would purposely not be listed on the MLS or for sale.
Banks must be falling over themselves patting each other on the back over thier seemingly impossible ability to convince people the problem is small by simply sitting on bad mortgages.
October 1, 2009 at 11:20 AM #462623ParticipantAnother factor that deserves mention is that people may just be numb to bad figures. We have been reading the horrible numbers for a year now and the sky has not fallen. Each WEEK we get an unemployment report showing 500,000 jobs lost but it’s been going on so long no one pays attention.
14696 foreclosures in SD alone is cataclysmic, foretelling of impending disaster, yet it’s just another really big, really bad number that just does not get processed by number numb, bad news saturated minds.
Many have just decided that no matter how bad things get… things won’t really get that bad.
How else can 14696 distressed mortgages AND bidding wars exist in the same time frame and location?As for the short-sale debate; in reality, Short-sales are simply REOs (future/shadow) coming to market. Rather than a sign the shadow inventory does not exist or will never flood the market the short sales ARE a form of the shadow hitting the market. If a bank sends out a NOD on a house then does nothing further for 18 months or even just 2 months, its part of the shadow inventory. After which, if the bank lists it for short sale then it is the definition of shadow inventory coming to market.
The bank lopping off 50% before or after the foreclosure process is 100% complete, matters little does it? When we see the flood, short-sales will of course be part of it.
October 1, 2009 at 11:20 AM #462817ParticipantAnother factor that deserves mention is that people may just be numb to bad figures. We have been reading the horrible numbers for a year now and the sky has not fallen. Each WEEK we get an unemployment report showing 500,000 jobs lost but it’s been going on so long no one pays attention.
14696 foreclosures in SD alone is cataclysmic, foretelling of impending disaster, yet it’s just another really big, really bad number that just does not get processed by number numb, bad news saturated minds.
Many have just decided that no matter how bad things get… things won’t really get that bad.
How else can 14696 distressed mortgages AND bidding wars exist in the same time frame and location?As for the short-sale debate; in reality, Short-sales are simply REOs (future/shadow) coming to market. Rather than a sign the shadow inventory does not exist or will never flood the market the short sales ARE a form of the shadow hitting the market. If a bank sends out a NOD on a house then does nothing further for 18 months or even just 2 months, its part of the shadow inventory. After which, if the bank lists it for short sale then it is the definition of shadow inventory coming to market.
The bank lopping off 50% before or after the foreclosure process is 100% complete, matters little does it? When we see the flood, short-sales will of course be part of it.
October 1, 2009 at 11:20 AM #463162ParticipantAnother factor that deserves mention is that people may just be numb to bad figures. We have been reading the horrible numbers for a year now and the sky has not fallen. Each WEEK we get an unemployment report showing 500,000 jobs lost but it’s been going on so long no one pays attention.
14696 foreclosures in SD alone is cataclysmic, foretelling of impending disaster, yet it’s just another really big, really bad number that just does not get processed by number numb, bad news saturated minds.
Many have just decided that no matter how bad things get… things won’t really get that bad.
How else can 14696 distressed mortgages AND bidding wars exist in the same time frame and location?As for the short-sale debate; in reality, Short-sales are simply REOs (future/shadow) coming to market. Rather than a sign the shadow inventory does not exist or will never flood the market the short sales ARE a form of the shadow hitting the market. If a bank sends out a NOD on a house then does nothing further for 18 months or even just 2 months, its part of the shadow inventory. After which, if the bank lists it for short sale then it is the definition of shadow inventory coming to market.
The bank lopping off 50% before or after the foreclosure process is 100% complete, matters little does it? When we see the flood, short-sales will of course be part of it.
October 1, 2009 at 11:20 AM #463234ParticipantAnother factor that deserves mention is that people may just be numb to bad figures. We have been reading the horrible numbers for a year now and the sky has not fallen. Each WEEK we get an unemployment report showing 500,000 jobs lost but it’s been going on so long no one pays attention.
14696 foreclosures in SD alone is cataclysmic, foretelling of impending disaster, yet it’s just another really big, really bad number that just does not get processed by number numb, bad news saturated minds.
Many have just decided that no matter how bad things get… things won’t really get that bad.
How else can 14696 distressed mortgages AND bidding wars exist in the same time frame and location?As for the short-sale debate; in reality, Short-sales are simply REOs (future/shadow) coming to market. Rather than a sign the shadow inventory does not exist or will never flood the market the short sales ARE a form of the shadow hitting the market. If a bank sends out a NOD on a house then does nothing further for 18 months or even just 2 months, its part of the shadow inventory. After which, if the bank lists it for short sale then it is the definition of shadow inventory coming to market.
The bank lopping off 50% before or after the foreclosure process is 100% complete, matters little does it? When we see the flood, short-sales will of course be part of it.
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