patrick.net

Doesn't matter.

The federal government will do their utmost to make sure those foreclosures never hit market. They will fall into the hands of hedge funds by the thousands, and whatever former meth labs, and dilapidated shacks that are left will then be released in a trickle to the general public where you can have the privilege of bidding $100,000+ over comps to get inside of it.

It sucks, but the current administration has shown how much it will back housing.

I was called an idiot and a liar when I posted about a house where the mortgage was not paid in 3 1/2 years before it was finally listed on MLS.

It was even worse when I pointed out on a Las Vegas centric forum entire neighborhoods in Las Vegas where half the homes were vacant. The locals went on the warpath over that and claimed I was making up stuff and exaggerating. Of course the house across the street from my friend sat vacant for two years before popping up on the MLS in March as pending the day it was listed(still hasn't closed and is still vacant). Now its commonly accepted by the RE community there that theres a vast inventory of unforeclosed homes where the mortgage has not been paid in years.

Unfortunately Goran is correct I believe. I don't however think its a bad thing though. I do believe the paradigm has only now started to shift to where people recognize the benefits of renting. Honestly it will be better for our society. A more mobile workforce can more easily uproot and move to where human resources are needed and a society that isn't so fraught with accumulation of material goods is also probably a positive. I think if people rent, they are less likely to amass a hoard of crap.

The worst part about it is if they actually just let the market correct, we would have a much more mobile work force, and renting would not have a stigma attached to it. But since they've decided to turn housing into a "valuable commodity" instead of shelter, well... we have what we have right now.

even if they do release the inventory I think we're way beyond the point where you can expect to stroll into a foreclosed listing and be the only one writing an offer.
I did that 2 years ago. I was one of the people who walked in, trashed talked the house, offered 20% below asking price.. and the bank accepted my offer.

Now there will be a bidding war for every one of them.