Shadow inventory is primarily a problem for major commercial banks. The GSEs have been processing their foreclosures, and although delinquencies at the FHA are increasing, these are fresh delinquencies, not long-term shadow inventory. The too-big-to-fail commercial banks have been endlessly can-kicking to delay what I believe are inevitable write downs.
For as long as records on delinquencies were kept, rarely did the rate exceed 2%. Currently, it is over 10%! To make matters worse, the delinquency rate for commercial banks is not declining as fast as delinquencies overall. Over the last two years, the rate dropped from from a peak of 11.2% to the current 10.2%. If lenders continue at that pace, it will take another 16 years for delinquency rates to get back to historic norms.
Are we really at the bottom?
To me it is a source of some consternation that more than 10% of all residential mortgages held by the banks are delinquent. What is the future of those borrowers and their properties. Isn’t it likely that many, if not most, of these properties will be distressed sales as either short sales or foreclosures? Won’t those sales pressure prices?
I consider loan modifications can-kicking. Few of these borrowers are going to permanently cure their loans and sell with equity. Lenders are merely hoping to delay their losses and hope prices will go up which will minimize the carnage. Unfortunately, the liquidation of these bad loans requires an MLS sale — an additional sale the market would not ordinarily absorb. These sales will serve as a drag on appreciation if not a cause of outright price declines. That isn’t what lenders fantasize about.
What’s up with the housing market?
By Irwin Kellner, MarketWatch — Sept. 4, 2012, 12:01 a.m. EDT
It is nothing more mysterious than supply and demand. For the first time in a number of years, the supply of both new and used homes available for sale has dropped below demand.
No matter what the product or service, whenever demand exceeds supply, rising prices are sure to follow. Housing is no exception. …
Actually, housing is an exception. With ordinary goods and services, buyers are not limited in their ability to raise their bids. With housing they are. A precipitous drop in supply may prompt those few with the ability to bid higher to do so, but it may also serve to drastically reduce sales volumes, which is what’s happening here in the West. This is an important point because most pundits like this guy fail to understand (perhaps through willful ignorance) that less supply does not automatically mean house prices will go up.
This turnaround in prices is apparently convincing would-be homebuyers that it does not pay to delay …
Buy now or be priced out forever, right?
As a result, buyers have begun to deal. Home sales are up more than 20% from a year ago, while pending sales are now at a 2-1/2-year high.
The rise in home sales is almost entirely due to the influx of cash from hedge funds buying low-end properties as rentals. Owner-occupant buying is at a standstill.
And here is where banker’s fantasies truly take flight….
This should kick home prices even higher, and thus spur even more buying.
No, it won’t. If anything, higher prices will inhibit buying because the hedge funds buying rentals won’t chase the market higher. The fantasy contains a hidden erroneous assumption; there are not legions of fence-sitters who can be cajoled into buying. Rising prices won’t spur more demand. The warm bodies with jobs, down payments, and qualifying FICO scores simply aren’t there.
What Housing Recovery? Distressed Sales Still High, Shadow Inventory Massive
Agustino Fontevecchia, Forbes Staff — 8/28/2012 @ 6:57PM
Housing … prices are still more than 31% of their peaks and may take years to recover. With 11.4 million, or 23.7%, of all residential properties with a mortgage under water, and a shadow inventory worth $246 billion, according to CoreLogic, a true housing recovery is far away.
Tuesday’s Case-Shiller release, with data through June 2012, showed home prices continuing to recover. Both the 10- and 20-city composites finally recorded annual gains (0.1% and 0.5% respectively), prompting index Chairman David Blitzer to say:
We seem to be witnessing exactly what we needed for a sustained recovery; monthly increases coupled with improving annual rates of change. The market may have finally turned around.
Everyone who touts rising prices or declining inventory ignores why it’s happening. As the chart at the top of the page proves, the banks are not out of delinquent borrowers they need to process.
… There are several reasons to remain skeptical…. Goldman’s economics research team understands that much of the improvement in housing markets can be attributed to a fall in the percentage of distressed transactions, which accounted for 50% of sales in 2009 and has now fallen to 25%. (Read Steve Schaefer‘s piece, Why The U.S. Housing Recovery May Be Due For A Stumble for more on this).
And most of this reduction is entirely due to policy changes at the major banks to comply with the settlement agreement. Lenders simply stopped taking on more REO in hopes they can resolve these bad loans through short sales instead. When banks finally reach their quotas, likely by next spring, they will turn their attention to forcing out the committed squatters.
The typical foreclosure discount is on the order of 27%, according to John Campbell, chair of Harvard University‘s economics department. Thus, a falling percentage of distressed sales mean a lower percentage of discounted transactions. The number of distressed sales also affects the size of the foreclosure discount, which in May was reported to be about 20%, according to Goldman. A falling rate of distressed sales provides a double-whammy then, reducing the discount and the number of discounted transactions.
When the banks really are out of delinquent mortgage squatters to foreclose on, we will see the same phenomenon. The share of distressed sales will fall, the remaining inventory won’t need to be discounted as much, and prices will begin to rise. The issue today is that this activity is premature. It is not a natural bottom caused by a lack of distressed inventory. It is an artificial bottom caused by changes in bank policy.
While the number of distressed sales vis-à-vis regular sales has fallen quite dramatically since March 2009, its decline was more moderate from May 2011 to May 2012, when it went from 31% to 25%. The historical average, though, is far away, at about 5%.
So not just are the bank’s residential loan delinquency rates more than five times historic norms, the share of distressed sales is also five times historic norms. That sounds like a recipe for a housing market bottom, right?
While Goldman expects the percentage of distressed sales to slowly tend toward this average, they understand this could take many years:
In our view, returning to a more normal proportion of distressed sales will take several years, given the large number of borrowers with negative equity, the large current delinquency and foreclosure inventory, and the long current foreclosure timelines.
In other words, the bank’s can-kicking is dragging this out.
As mentioned previously, the most recent data on underwater mortgages shows that nearly a fourth of all residential properties with a mortgage are underwater. That’s 11.4 million as of the end of the first quarter. At the same time, financial institutions including big banks with exposure to the mortgage business like Bank of America, JPMorgan Chase, and Citigroup are sitting on a shadow inventory of 1.5 million units... . Worth $246 billion, the shadow inventory will certainly weigh on lending and economic conditions going forward.
I’m certain about it, but many industry “experts” are denying any of this is a problem.
… Regulation (such as the robo-signing sparked foreclosure moratorium) has helped to slow distressed sales, while vast number of underwater mortgages and size of the shadow inventory suggests housing markets can face a sudden increase in the number of distressed properties. It will be a bumpy ride for residential real estate.
Since lenders aren’t being pressured financially or by regulators to liquidate, it’s not likely we will see a flood of foreclosures, but certain areas may see some deep air pockets along the way. The sudden appearance of competing supply creates opportunities for buyers who recognize it.
Recognizing value
So how can buyers recognize a good value when they see it? On Monday, I posted OC housing market ratings and historic city values. In that post, I described how to use my OCHN report to find areas where values are relatively attractive.
I calculated rental parity for each OC city back to 1988. I compared these values to the median resale price to determine the historic relationship between rental parity and the median. In particular, I focused on the period from 1993 t0 1999 which was the last stable period between housing bubbles. By establishing the relationship between rental parity and the median during this period, I have a benchmark to where prices should bottom in the aftermath of our most recent housing bubble. Below is the result of this analysis.
What I found most interesting in this study was how inflated the beach communities have always been. I knew these communities were never at rental parity, but I didn’t realize some of them were more than 50% inflated even at the bottom of the last bust. In fact, some of these communities which are still inflated are less inflated than ever before. For example, Coto de Caza is trading for near rental parity today, an over 50% reduction from its normal level of price inflation. In other words, Coto de Caza is a relative bargain today.
Long history of OCHN ratings
When I developed the OCHN rating system (read this for more information), I used history as a guide to weight the variables of resales prices and rental rates in a way that timed the housing cycle. A useful rating system should say not to buy when prices when the timing is poor, and it should say to buy when the timing is right. You can see the results below.
Anyone using the OCHN rating system would have avoided buying when they were likely to end up underwater. The system even warned about buying in 2009 when everyone else was calling the bottom. Since interest rates have declined along with prices and rents have gone up, affordability is at record highs, and the OCHN rating system is issuing a strong buy signal. The last such strong buy signal was in 1998, the bottom of the last housing bust.
If you would like to use this information in your house search, you can request it below.
Wouldn't you be embarrassed to overpay by $100,000? Only fools buy houses without knowing neighborhood values. Don't be a fool. Don't suffer the pain of an underwater mortgage. The surest way to lose your house is to overpay for it. Our reports identify overvalued and undervalued neighborhoods. Use it to broaden or narrow your search area. Savvy buyers work with us to find bargains. We've saved thousands from financial ruin. Let us save you too. If you want peace of mind while shopping for your next home, sign up for our monthly market newsletter.
Our daily debtor debacle focuses on a small-time Ponzi who went up in flames with a late Option ARM from the now defunct Downey Savings and Loan.
- This property was purchased on 4/26/2000 for $469,000. The former owner used a $375,550 first mortgage, a $46,900 second mortgage, and a $46,550 down payment.
- On 9/5/2000 she opened a $24,000 HELOC.
- On 5/16/2003 she refinanced with a $450,000 first mortgage.
- On 8/13/2003 she obtained a $100,000 HELOC.
- On 9/8/2006 she refinanced with a $695,000 Option ARM.
- Total mortgage equity withdrawal was $272,550 including her down payment and negative amortization.
Wouldn't you be embarrassed to overpay by $100,000? Only fools buy houses without knowing neighborhood values. Don't be a fool. Don't suffer the pain of an underwater mortgage. The surest way to lose your house is to overpay for it. Our reports identify overvalued and undervalued neighborhoods. Use it to broaden or narrow your search area. Savvy buyers work with us to find bargains. We've saved thousands from financial ruin. Let us save you too. If you want peace of mind while shopping for your next home, sign up for our monthly market newsletter.
We're sorry, but we couldn't find MLS # S710466 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
Proprietary OC Housing News home purchase analysis
23221 COBBLEFIELD Mission Viejo, CA 92692
$739,000 …….. Asking Price
$469,500 ………. Purchase Price
4/26/2000 ………. Purchase Date
$269,500 ………. Gross Gain (Loss)
($37,560) ………… Commissions and Costs at 8%
============================================
$231,940 ………. Net Gain (Loss)
============================================
57.4% ………. Gross Percent Change
49.4% ………. Net Percent Change
3.6% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$739,000 …….. Asking Price
$147,800 ………… 20% Down Conventional
3.55% …………. Mortgage Interest Rate
30 ……………… Number of Years
$591,200 …….. Mortgage
$150,187 ………. Income Requirement
$2,671 ………… Monthly Mortgage Payment
$640 ………… Property Tax at 1.04%
$183 ………… Mello Roos & Special Taxes
$185 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$200 ………… Homeowners Association Fees
============================================
$3,880 ………. Monthly Cash Outlays
($597) ………. Tax Savings
($922) ………. Equity Hidden in Payment
$168 ………….. Lost Income to Down Payment
$112 ………….. Maintenance and Replacement Reserves
============================================
$2,641 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$8,890 ………… Furnishing and Move In at 1% + $1,500
$8,890 ………… Closing Costs at 1% + $1,500
$5,912 ………… Interest Points
$147,800 ………… Down Payment
============================================
$171,492 ………. Total Cash Costs
$40,400 ………. Emergency Cash Reserves
============================================
$211,892 ………. Total Savings Needed
The property above is available for sale on the MLS.
Contact us for a comparative market analysis, a cost of ownership analysis, or information on how you can make an offer today!
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Nearby Foreclosures
Gain a competitive advantage over other buyers. By locating distressed properties -- before they hit the MLS -- you can discover where tomorrow's REOs and short sales will appear. Most of these properties are not listed on the MLS, but they will be soon. Research properties in advance and get a jump on your competition. Don't miss out on another deal because you couldn't act quickly. Use this tool to your advantage! The red properties are already bank owned. As soon as REO asset managers prepare them for sale, they will be on the MLS. Get ready! The green and blue properties have owners who are not paying their mortgages. They may be offered as short sales, or they may go through foreclosure and become REO. Either way, they will also likely be available on the MLS soon. Find your next home! Be prepared to offer on these properties by researching them in advance or risk losing out to buyers who are have done their homework. Start your research today! To find distressed properties, enter your desired location and press search. Scroll through list by pressing "next."  |
$874,900 23316 EAGLE Rdg |
0.13 miles 4 bd / 2.75 ba 3,900 Sq. Ft. |
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$1,189,000 22951 STONERIDGE |
0.28 miles 5 bd / 4 ba 3,800 Sq. Ft. |
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$895,000 22876 HUNTER Crk |
0.31 miles 5 bd / 3.25 ba 3,780 Sq. Ft. |
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$824,999 72 SPRINGFIELD |
0.44 miles 5 bd / 3 ba 3,400 Sq. Ft. |
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$1,015,000 22581 SUMMERFIELD |
0.66 miles 6 bd / 3.75 ba 3,702 Sq. Ft. |
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$839,000 52 MANCERA |
0.81 miles 4 bd / 4 ba 3,599 Sq. Ft. |
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$2,299,000 22821 TINDAYA |
0.82 miles 5 bd / 6 ba 4,200 Sq. Ft. |
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$2,100,000 22571 TINDAYA |
0.88 miles 4 bd / 4.5 ba 4,500 Sq. Ft. |
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$3,299,900 27701 CHAPALA |
1.1 miles 3 bd / 3.5 ba 3,700 Sq. Ft. |
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$869,900 28792 APPLETREE |
1.13 miles 4 bd / 2.75 ba 3,000 Sq. Ft. |
27 Responses to “Bank’s residential loan delinquency rates more than FIVE times historic norms”
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I like that long history of Orange County cities rates graph. It’s good look into the last 25 years of housing history.
This is a classic example of misleading headlines to make a failed government program look successful. The big increase in “successful” loan mods was caused by B of A’s big push from the settlement agreement reaching the three-month mark. If you pay careful attention to the “big” improvements, you see the improvements are not that large at all. The NAr would be proud of this level of spin and bullshit, and this report was put out by our own government. Obama will be happy.
HOPE NOW: Proprietary Loan Mods Up 43% in July
The number of homeowners who received permanent, affordable proprietary loan modifications jumped up 43 percent from June to July, HOPE NOW reported Wednesday.
The voluntary, private sector alliance of mortgage professionals and non-profit counselors released its July 2012 loan modification data, revealing that an estimated 66,002 homeowners received proprietary loan modifications in July, an increase from 46,208 in June.
The group’s report did not include loan mods completed under HAMP, as that data had not yet been released by the Treasury at the time of writing. Year-to-date through June, an estimated 110,144 homeowners had received HAMP modifications.
For the month of July, proprietary loan mods that included fixed interest rates of five or more years accounted for 96 percent of the total. Mods with reduced principal and interest monthly payments made up 77 percent of the total, while mods with reduced principal and interest payments of more than 10 percent accounted for 71 percent of total proprietary mods.
Meanwhile, proprietary loan modifications with 90-plus day delinquency hit the lowest level in HOPE NOW’s recorded data. The re-default rate for modified loans fell to 8.9 percent of the total loan pool, a substantial drop from 10.3 percent in June.
Delinquencies of 60 days declined to 2.47 million in July, down from 2.52 million in June.
The data also showed that short sales continued to have a significant impact on the market. July saw 36,260 short sales, bringing the total of short sales since 2009 up to 974,000. The combination of loan mods and short sales brought the total number of permanent, non-foreclosure solutions up to approximately 6.63 million.
Faith Schwartz, executive director of HOPE NOW, said the increase in modifications illustrates the efforts of industry, non-profit, and government groups on behalf of homeowners.
“HOPE NOW has always been about collaboration, aggressive outreach to borrowers, and education on options,” Schwartz said. “Our data, which has been collected monthly for five years, continues to support these activities, and our members remain active in helping families find sustainable and realistic mortgage solutions.”
HopeNow isn’t related to HAMP, which your comments in bold seem to imply. This article is saying that proprietary, aka non-HAMP, in house bank mods spiked. HopeNow is primarily a PR mouthpiece for banks that “partners” with the government via a 1-800 number that nobody uses. HopeNow was started under the Bush administration and has essentially no government funding. As the article states, it’s a voluntary coalition of banks that realized back in ’08 some major PR efforts were going to be necessary when the sh*t hit the fan.
I stand corrected. I saw HOPE and read HAMP.
Your commentary about HOPE NOW is right on. Of course, I think all loan modification programs are largely public relations nonsense and can-kicking, so they all blur together in my mind.
It’s understandable. There have been about 10 housing programs started under Obama, most of them beginning with the letter ‘H’. There were also several started under Bush that failed miserably, with similarly confusing names.
The definition of insanity is to repeat the same action over and over, expecting a different result. If our political system were a person, it would have been committed long ago.
Lenders are desperate to stop the eminent domain threat in San Bernardino County. This report is a whitewash to attempt to make the idea look unnecessary. Eminent domain won’t work, but the threat of it is scaring lenders.
San Bernardino May Not Need Eminent Domain Fix: Report
With prices gaining in San Bernardino County, Clear Capital found that the solution to the area’s problem of negative equity may be solved with time.
San Bernardino County has become the center of debate following the creation of a Joint Powers Authority to explore a controversial use of eminent domain. The proposed use of eminent domain involves seizing underwater mortgages to have them refinanced with a new mortgage reflecting the property’s current value.
According to Clear Capital, the area is seeing a positive trend in home prices, with fair market prices outperforming REO prices by 4.2 percentage points on a quarterly, median price-per-square-foot basis.
While this positive shift isn’t enough to lift the underwater homeowners out of water, Clear Capital said improvements in San Bernardino might signal that a recovery is under way.
Drawing a comparison between San Bernardino and hard-hit Maricopa County in Arizona, Clear Capital said the two counties are moving in a parallel path. Maricopa County, which is where the Phoenix metro is located, has recently been gaining recognition for the strength of its recovery.
However, just like San Bernardino, Maricopa County had a highly distressed market that led to a dramatic fall in prices. In addition, both counties over the last 3 years have seen prices rise above their low points, with San Bernardino up 14.6 percent and Maricopa up 19.2 percent.
Over the last year, both markets have seen prices move in a positive direction, although Maricopa’s 25 percent growth far exceeds San Bernardino’s 4.7 percent increase.
On a quarterly basis, Clear Capital found that Maricopa has increased 6.8 percent, and San Bernardino is up 1.2 percent.
Both have also seen a decrease in REO saturation, with San Bernardino’s REO sales as a percentage of all sales nearly cut in half, while Maricopa’s REO saturation rate has been reduced 66.6 percent.
While the two counties do have their differences, Clear Capital stated they appear to be on similar trajectories in terms of healing from severe price declines and high REO saturation rates.
Clear Capital concluded that San Bernardino has potential to continue in the positive direction, and thus may be able to alleviate some of the negative equity homeowners are facing without the use of eminent domain.
This poll will be spun by realtors as a sign of pent-up demand from a lack of consumer confidence. The study concludes that only people capable of financing a purchase are interested in buying a home. No kidding. Further, the low percentage of interested buyers reflects a normal level of buying interest. Not everyone wants to buy a home all the time.
Poll: 4 Out of 5 Americans Won’t Refinance or Buy Despite Low Rates
Despite recent gains, homeowners still feel antsy about the housing market, with 4 out of 5 home-owning Americans unlikely to buy or refinance their homes, according to a recent poll.
Union Plus, an arm of the AFL-CIO, conducted the survey with Harris Interactive. The findings? Only employees between ages 18 and 34 felt interested in making a housing investment over the next 12 months.
“With only 18 percent of working families willing to invest in buying new homes, what this poll tells us, first and foremost, is that we need to help working Americans feel confident about investing in housing,” Union Plus President Leslie Tolf said in a statement.
According to the survey, 53 percent of respondents felt worried that “closing costs for purchasing or refinancing a home are too high.”
With the election season in full swing, the Obama administration will reportedly try to further expand the Home Affordable Refinance Program, which underwent two successive modifications earlier this year.
In tandem with the survey, Union Plus announced a mortgage program to help make the refinancing and purchase processes more affordable for their members.
According to a release, Union Plus provides first-time homebuyers with a $500 Union Plus “Welcome to Your First Home Award” that includes interest-free loans and grants to assist with mortgage payments in instances of unemployment.
“Union Plus offers a mortgage program that gives union families the opportunity to take advantage of the savings they can get by buying or refinancing at extremely low rates, while offering them a unique safety net to protect them against economic hardship,” Tolf added.
Sorry to dump a bucket of ice all over the sell-side ‘recovery is now’ marketing campaign currently underway, but people need to stop dreaming about housing’s good old days because they’re long, long gone.
Old days: shelter + long-term investment = non volatile/stability
New days: shelter + speculative trading instrument = highly volatile/instability
Want proof?
Every single homedebtor buyer is signing a MERS mortgage. LOL!
Maybe the ECB can purchase all of the MERS mortgages?
“Old days: shelter + long-term investment = non volatile/stability
New days: shelter + speculative trading instrument = highly volatile/instability”
That is a sad truth. Owning your home used to be a viable part of a retirement plan. Now it’s just another asset to trade. Because it’s so volatile now, having too much of your retirement nestegg tied up in real estate is financially dangerous.
Sorry to break it to you, but according to IR’s rental parity chart, you bought your speculative investment at a very poor time (1994). Interestingly, the colors started to turn yellow/green as soon as I bought mine (2010).
On a different note, your favorite index just turned positive… and CoreLogic states that July showed the largest annual increase in 4 years. Sometimes locking in below market rent for 30 years with an option to cash in appreciation, isn’t the most speculative move one could make.
“Sometimes locking in below market rent for 30 years with an option to cash in appreciation, isn’t the most speculative move one could make.”
Yes. I agree. Even if prices turn south, with a lower cost of ownership than a comparable rental, you have no pressure to sell, and you’re saving money each month.
Uh…. since I bought my home solely as shelter, your point is moot
Also, it comes as no surprise you’re still trapped in the delusion and loving it. C’est la vie. Nonetheless, I wish you all the best, but keep in mind that as long as debt is incurred at an interest rate greater than economic growth, one can never produce enough output or create enough new wealth to service compounding interest + principle.
Cheers!
“…The warm bodies with jobs, down payments, and qualifying FICO scores simply aren’t there…”
They exist, but they’re skeptical of current prices/values and are the group least likely to be scared into buying now to eliminate the risk of being “priced out forever.”
“…Few of these borrowers are going to permanently cure their loans and sell with equity…”
If you qualify for and receive a loan mod, you’re likely in serious financial trouble and/or your property is seriously underwater (33%+). I only know one person who’s successfully completed a loan mod, while I know several who went through short sales. My loan mod friend has a mortgage in the $500s and a house in the $300s, but strong financials. He received a serious rate reduction a year ago that at the time sounded outstanding (sub-4% for remaining term) and he’ll receive token principal reduction for a few years ($10k each completed year of timely payments for 3 or 4 years).
“I only know one person who’s successfully completed a loan mod, while I know several who went through short sales.”
That’s a good description of the future of housing. Very few distressed and overextended borrowers will survive to see equity. Even the ones with “permanent” loan modifications will likely want to sell and move before they get back above water resulting in a short sale.
Here comes the Keith Jurow ice water bucket brigade to the rescue!
http://www.businessinsider.com/prepare-for-the-coming-housing-collapse-2012-9
Keith’s work is great. His source inside the Department of Banking provides him great information. I am not surprised the State of New York stopped publishing these grim statistics. The banking industry probably pressured them not to because it promotes strategic default.
Have you guys seen this
http://www.foreclosure-response.org/maps_and_data/index.html
I don’t know what was the normal foreclosure index of the past but these days, almost everything in Southern Cal is having index of 10% or more.
Correct link
http://www.foreclosure-response.org/maps_and_data/lisc_maps.html
Thanks for the link. I may be able to use that data on future posts.
The problem is the banks and the government know that if they quickly foreclose homeowners that were delinquent and liquidated the properties. It would force another 10% or more underwater and they would be the NEW 10% at risk mortgages.. then they start defaulting and your in the same mess all over again.
Yep. Once prices start going down quickly, it starts a downward spiral of strategic default and more foreclosures. That’s what wiped out Las Vegas.
Can’t the can just be kicked until like 2020… By then inflation should even everything out? If home prices stay flat for 8-10 years… Then prices will be fair even in bubble areas.
Kicking the can in hopes of inflating out of this mess won’t work because salaries are not keeping up with inflation, to say the least.
If anything, the current inflation in the price of food, fuel, and other necessities while incomes continue to deteriorate, will exert even more downward pressure on house prices. Inflation only worked as long as incomes kept up and the job creation machine was fully operational.
[...] residential loan delinquency rates more than FIVE times historic norms – OC Housing News – … shadow inventory. The too-big-to-fail commercial banks have been endlessly can-kicking [...]
[...] residential loan delinquency rates more than FIVE times historic norms – OC Housing News – … shadow inventory. The too-big-to-fail commercial banks have been endlessly can-kicking [...]
[...] ————(orig research) Bank’s residential loan delinquency rates more than FIVE times historic norms – OC Housing News [...]