Call it Crazy
Sat, 1 Dec 2012, 7:57am PST
Like Dislike (2) Comment 1
unsubstantiated. And, more likely to be concentrated in judicial foreclosures, than in trust deed states.
You REALLY need to get out more and stop making your screwed up opinions based on one market, Phoenix.... you are clueless to the rest of the country!!
Banks are still sitting on a ton of homes that have been neglected and are falling into disrepair, says Joshua Rosner, a bank analyst at Graham Fisher in New York. Selling those will depress the market and force banks to recognize big losses, Rosner says.
I have been looking throughout a two county area and I can tell you that statement is spot on. Almost every side street I drive down has a shadow house sitting on it rotting away without any For Sale sign on it.
2) An unknown number of homes is being rented out because the owners can’t sell them. They aren’t counted in shadow inventory. Add them in and the overhang of properties ready to hit the market looms larger.
Another true statement... when I was looking at rentals last year, at least 3/4 of them were owners who couldn't sell because they were underwater, so they chose to rent hoping the housing prices would rise in the future.... which they haven't..
Also, prices are going up, but this quote says foreclosures are weighing down the market.. and might continue to do so... continue by prices continuing to go up? how did this quote even get in????
Prices are going up in your little world of Phoenix, but in many other areas of the country, they are flat or still going down, just not falling as fast as a few years ago...