Wednesday, July 08, 2009
the foreclosure backlog
Ramsey Su (REO broker in San Diego) sent me some data today. He wrote:[Pent Up Foreclosures - a stat Ramsey follows] measures the difference between foreclosures completed versus defaults. This gap is widening as a result of government intervention. ... If they do not ACCELERATE the foreclosure process and release some of the pressure now, the consequences will be disastrous.
beware false bottoms -- in my view there's no good reason to buy a house yet.
UPDATE: via clusterstock, securitization trusts are preparing to hammer the housing market with deeply discounted properties in hihg foreclosure areas.