patrick.net

So which existing member are you with a new account? Or, which real estate sales office are you working in?

I neither have another account nor am I a real estate agent. Care to comment on the article? Pretty damning coming from ForeclosureRadar, wouldn't you say?

To parse out the interesting part...

A year ago, banks were sitting on 8,652 homes in the four counties of the South Bay and East Bay. Last month, that had dropped to about 6,200.

"Everyone keeps looking for this wave, the illusive "shadow inventory," Lenahan of ForeclosureRadar said. "Everyone thinks the banks are sitting on these huge numbers of properties. The bottom line is, it doesn't exist," she said.

"We continue to see bank owned inventories declining. We see delinquencies declining, foreclosures flat. There are no tsunami warning signs going off."

I don't see anything damning in there, but then again I have never expected a foreclosure tsunami in the SFBA. The article says that foreclosure sales are down YoY, but up 25% MoM in Santa Clara. Your original post sort of reads like a troll post. If it isn't, my apologies.

I think that NoDs are down this year because of the tighter inventory driving prices up. Underwater folks may think that they will get back above water & are continuing to pay their mortgages, and also expecting some sort of government free money / refi programs. I think that foreclosures will remain higher than the historical norm for years to come. No wave or tsunami, but a higher rate than was historically normal as this dysfunctional RE market continues to correct.

.... two items in the most recent quarterly 10-Q SEC filing from Fannie Mae opens the possibility that lenders may be intentionally holding back REO inventory from being listed.

The first item is found in the list of reasons that Fannie gives for only 22 percent of its REO inventory being listed for sale: Other, accounting for 5 percent of the total 78 percent that are not listed......

http://www.realtytrac.com/content/news-and-opinion/bank-owned-homes-not-listed-for-sale-7334

robertoaribas says

call it lazy to think... there was NEVER a time in history with no foreclosures... EVER, even during the bull years.

So dropping numbers of bank owned homes indicates a crisis ending, and is the antithesis of your and many other people's argument on here...

Now suddenly it is the fiscal cliff? what about the 2300 computer issue?

Actually, there is a Y2038 problem.

http://en.wikipedia.org/wiki/Year_2038_problem