Thursday, November 4, 2010

The New Normal - Part VIII: There Are 9 Years of Housing Inventory Owned By Banks - Must Sell For "Recovery" To Happen

Yes, that's right, according to the WSJ, it would take 107 months to sell banks' current and shadow inventory of foreclosed homes.

Recently, some Realtors and agents have been viewing the Fraudclosure crisis as a way to prop up prices on "traditional" sales--if the foreclosures are off the market, a buyer who needs a house right now has no choice but to go "traditional sale."  However, banks actually listed 15% more foreclosures in October 2010 than September 2010.

Read at WSJ and Mish.
Related:
The New Normal - A Multi-Part Series

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