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follow GonzoReal 2014 Oct 19, 2:16am
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The Professor says
1 in 3 homes in California troubled.
We need a "Home Whisperer" to make them feel better.
Deceptive subject heading.
For every 2 houses for sale there is one that is in trouble. It seems the banks have been rolling these foreclosures out for years and the numbers are not going down.
I flip back and forth between believing that shadow inventory is smaller than believed, on the one hand, and that it's real huge but irrelevent, on the other hand, because banks will be allowed to roll it forward forever.
It's irrelevant. The wealthy own America and they are too big to fail.
Plus the conditions that led to the housing crash aren't in play anymore: subprime mortgages willy nilly, the Great Recession, and banks overexposed.
As long as the accounting rules allow the banks to cook the books, no one will know for sure.
Put it back.
You can't run an economy when a $23 trillion market is allowed to be managed based on accounting fictions and non-existent underwriting standards.