Not even close to a bottom. I know people living in homes that haven't made a payment for 8-13 months, and, not a single notice from the servicer/lender. No notice of default has been filed... we aren't close. There is a huge inventory of foreclosed homes all over my area that lenders haven't been able to process. Or, they don't want to process! Plenty of floaters still in the bowl
Yep, all true. We are already at 11.1 months of inventory NATIONALLY. And as you say, this number is going up before coming down for sure. Its going to take an overshot to the downside on prices to clean up this inventory mess. Then sideways until the consumer gets his ridiculous debt levels in check.
there is obviously a big problem with the way we do loans and this will be revamped shortly and all this will get better,they will figure out something
It is getting revamped. Don't worry the US economy is fundamentally strong. They know what they are doing. The political "leadership" are smart, honest, hard working people that are in your corner - always. You can count on them to fix all your worries... Now, where was that glass of Xanax...
God i love this quote although...he did go out on a limb so i should do the same....30% more on the down side should be about right....buzzards be ready!!