Since the housing bust began in 2007, housing analysts focused on lender activity as the best indicator of future housing supply and the direction of future housing prices. The reasoning for this is simple: lenders control the housing market. Prior to the housing bust, the housing market was a collection of individual homeowners unrestrained by their mortgage obligations. Once prices began to fall, many would-be sellers submerged beneath their debts and required lender approval for a sale. The short sale was born. Many others defaulted on their loans, and lenders foreclosed on the delinquent borrowers until lenders became overwhelmed with REO inventory. Between the REOs that the banks own and the short sales that they must approve, the market changed from a collection of millions of unencumbered individuals to a oligopoly of a small number of large banks and government sponsored entities. Once the lending cartel took over, the policies they enacted determined the fate of the housing market.
In early 2012, the lending cartel decided to stop listing homes for sale on the MLS. They correctly reasoned that if they withheld enough inventory, they could force prices higher even in the face of anemic owner-occupant demand. And since the lenders had to approve more short sales to comply with the terms of their settlement agreement, they began approving more short sales, and they abruptly stopped foreclosing and acquiring new REO. As a result, lenders have eliminated their excess inventory although they still maintain a large processing pipeline. The pipeline inventory is not enough to feed current demand, so MLS inventories sit at record lows, and prices are going up.
The fact that rising prices and the shortage of inventory is entirely an artificial condition raises valid concerns about future house prices. If lenders change their policies, they might increase MLS inventories and lower prices. If the federal reserve changes its interest rate policies, the cost of money could increase, buyer demand would plummet, and prices would follow. Both of these supports are entirely controlled by policymakers not the workings of a free market. However, I recently became convinced these very real threats to the housing market will not materialize.
First, lenders have no desire to recognize losses. They have been kicking the can for five years now, and they show no signs of changing their minds. In fact, since they can borrow money from the federal reserve or their depositors for next to nothing, they have no financial pressure to convert their non-performing loans back to investment capital. Without this cost push, lenders can wait as long as it takes for prices to come back before they foreclose on the long-term squatters. Also, regulators turned a blind eye to this nonsense back in early 2009 when they instituted mark-to-fantasy accounting. There is little or no chance of this policy changing as long as the banks are insolvent under the old accounting rules.
Second, I no longer fear rising interest rates will derail this market rally. The tax credit stimulus was easy to spot as a policy failure because it had a termination date. It merely pulled demand forward, and once the credit disappeared, so did the demand. Prices fell for 18 consecutive months after the credit was removed. I feared the interest rate stimulus would see the same end. However, when Ben Bernanke committed the federal reserve to an indefinite open-ended policy of buying mortgage-backed securities to drive down interest rates, I became convinced this stimulus will not be removed until owner-occupant demand returns to the market.
With the two biggest risks to the market contained, it certainly looks like prices will go up from here.
Last month, I reported that Banks increase foreclosures 30%, notices plummet, REO pipeline stabilizes. It looked that perhaps the banks were finally going to start processing shadow inventory and force out the most committed squatters. Unfortunately, that isn’t what happened. In a reversal of last month’s increase, lenders slowed their foreclosure filings once again.
Dramatic Declines in Foreclosure Activity
September 2012 California Notice of Defaults were down 20.7 percent from the prior month, and down 48.1 percent compared to last year. There has been speculation that the banks would rush to clear inventory before the CA Homeowner Bill of Rights takes affect in January 2013, causing an increase in the number of foreclosures. Clearly this is not the case as we continue to see the number of Foreclosure Starts decline. Notice of Trustee Sales remains basically flat, up 1.9 percent from the prior month.
Perhaps the bump last month was their final push. Any new filings from this point forward will not become foreclosures until after the January deadline.
September 2012 California Foreclosure Sales are down 17.9 percent from the prior month, and down 30.4 percent compared to last year. However, a larger portion of Trustee Sales, 39.2 percent, are being purchased by investors compared to 27.2 percent last year.
In the other states in our coverage area, Foreclosure Starts are down with Arizona down 37.1 percent, Nevada down 40.1 percent, Oregon down 40.0 percent, and Washington down 31.2 percent from the prior month. Sales are also down with Arizona down 24.3 percent, Nevada down 19.5 percent, Oregon down 0.3 percent, and Washington down 33.5 percent from the prior month.
“It was recently reported that the nation’s five largest mortgage servicers have implemented all of the 320 servicing standards required under the national mortgage settlement,” stated Sean O’Toole, Founder & CEO of ForeclosureRadar. “The continued decline in Foreclosure Starts clearly shows that even though servicers are now apparently in compliance and clear to move forward with foreclosures, they are still in no rush to foreclose on the majority of delinquent borrowers.””
And for the reasons I outlined above, they likely won’t be in any hurry until there is collateral value backing their loans. Ultimately, lenders will either force the squatters to pay or to get out, but with prices down, lender losses would be large, so they are taking their time hoping prices will come back and make them whole again.
California REO acquisitions down 19%
REO inventories stabilize
The real goal of lender REO policy this year was to reduce their standing inventories. Lenders were holding tens of thousands of homes waiting for better days. Those homes have been cleared out, and the remaining inventory is in their (very slow) processing pipeline.
Pipeline processing taking even longer
Banks are certainly not worried about making their foreclosure processing any more efficient. Since it now takes them nine and a half months to process a foreclosure, the 65,000 they currently own are all in process. It represents the total acquisitions over the last 9 months. I don’t expect to see REO inventory levels drop much from here unless they decrease their processing times.
Why the fall in notices?
This one defies explanation. Lenders have greatly reduced their foreclosure filings over the last year despite the fact they have no shortage of delinquent squatters to foreclose on. It is a sign that banks are in no hurry to process California foreclosures despite the upcoming law changes on January 1.
Orange County
The story in Orange County is similar to the rest of California. REO processing is back to levels of April through July. Overall, REO processing is down more than 50% from last year’s levels.
Notices of default in Orange County also took a dive for the second straight month. Squatters in Orange County can breathe a little easier.
The inventory saw a similar leveling off.
Amend-extend-pretend continues. Lenders are in no hurry to process more foreclosures, and their liquidations still hang over the market. Over the last six months, their snail’s pace of liquidations has created a dramatic and completely artificial shortage of supply which has caused prices to shoot upward.
The former owner of today’s featured property was a Ponzi who got to enjoy the superior appreciation of a high end property — at least until she imploded.
- She bought the property on 9/23/2003 for $740,000 using a $592,000 first mortgage and a $148,000 down payment.
- A year later she obtained a $100,000 HELOC, and on 1/25/2005 she refinanced her first mortgage for $694,000 with an Option ARM with a 1% teaser rate.
- On 4/14/2006 she refinanced with a $950,000 first mortgage.
- On 9/11/2007 Washington Mutual gave her a new $1,300,000 mortgage.
- Total mortgage equity withdrawal was $708,000 — on a condo.
- As if the $708,000 were not enough, she was allowed to squat in luxury for two years before being forced out.
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Proprietary OC Housing News home purchase analysis
31561 TABLE ROCK Dr #418 Laguna Beach, CA 92651
$985,981 …….. Asking Price
$740,000 ………. Purchase Price
9/23/2003 ………. Purchase Date
$245,981 ………. Gross Gain (Loss)
($59,200) ………… Commissions and Costs at 8%
============================================
$186,781 ………. Net Gain (Loss)
============================================
33.2% ………. Gross Percent Change
25.2% ………. Net Percent Change
3.1% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$985,981 …….. Asking Price
$197,196 ………… 20% Down Conventional
3.88% …………. Mortgage Interest Rate
30 ……………… Number of Years
$788,785 …….. Mortgage
$202,778 ………. Income Requirement
$3,711 ………… Monthly Mortgage Payment
$855 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$246 ………… Homeowners Insurance at 0.3%
$0 ………… Private Mortgage Insurance
$426 ………… Homeowners Association Fees
============================================
$5,238 ………. Monthly Cash Outlays
($851) ………. Tax Savings
($1,161) ………. Equity Hidden in Payment
$261 ………….. Lost Income to Down Payment
$143 ………….. Maintenance and Replacement Reserves
============================================
$3,630 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$11,360 ………… Furnishing and Move In at 1% + $1,500
$11,360 ………… Closing Costs at 1% + $1,500
$7,888 ………… Interest Points
$197,196 ………… Down Payment
============================================
$227,804 ………. Total Cash Costs
$55,600 ………. Emergency Cash Reserves
============================================
$283,404 ………. 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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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."
39 Responses to “MLS inventory is NOT coming as foreclosure filings dry up”
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What I find just amazing is that to my knowledge not one local newspaper, not one local mainstream radio or TV station has even implied that the once functioning free market is now broken and controlled by the banks.
I suppose I am going to have to cave and give a tip of the keyboard to the Feds, banks and others in the lending cartel to pulling off what appears to be the most successful con job in the history of finance.
Further in talking to folks in my circles about real estate market manipulations, nobody, save a few, seems to care.
Makes you wonder what the end game is really going to look like.
”Whenever you find yourself on the side of the majority, it is time to pause and reflect”.– Mark Twain
What if QE3 is a bluff?
since QE3 commenced, the Fed’s balance sheet has only increased just $3 billion, but is DOWN $50 billion YoY.
http://www.zerohedge.com/contributed/2012-10-12/did-bernanke-bluff-about-qe3
It will be revealed as a bluff only if interest rates go up when the Fed desires them to go down. Until that happens, whatever happens to the Fed’s balance sheet is irrelevant. The fact that the Fed could increase their balance sheet to infinity to buy MBS pools to drive down rates is what matters. If they chose not to do this and rates do go up, then I will change my mind and believe prices will go down.
The fed says a lot of things…. like ZIRP will help stimulate/grow the economy. Yet as a result, about $500bil per yr in interest income is not being earned/deployed to help stimulate/grow the economy.
Point being, there is what you hear, and what you don’t hear
People have become so accustomed to federal reserve manipulation that they don’t even recognize it as such. They have managed to convince the general public that the free market is working when in fact it is entirely the Fed’s artifice.
This is not what the federal reserve hoped would happen.
Reports: Refi Numbers Low Despite Low Mortgage Rates
It was no surprise when mortgage rates dropped in the weeks following the Fed’s announcement that it would purchase $40 billion of agency mortgage-backed securities (MBS) each month until the labor market shows substantial improvement.
Even with the record-low mortgage rates seen today, refinancing numbers are still not as high as expected.
In CoreLogic’ most recent MarketPulse report, Sam Khater and Molly Boesel noted, “the overall level of refinancing is still low given current mortgage rates, and there are still many homeowners nationwide with above market rates.”
Despite the new expansions from HARP 2.0, including the removal of its 125 percent LTV ceiling, other restrictions are still preventing homeowners from refinancing.
One of those restrictions is a HARP guideline that makes borrowers ineligible if they obtained their GSE-backed mortgaged after May 31, 2009.
CoreLogic conducted an analysis to find out who would be excluded from HARP based this particular requirement.
According to its analysis, CoreLogic found that “lifting the restriction on origination date would expand eligibility of HARP by an additional 2 percent of currently outstanding mortgage, or approximately one million borrowers.”
The report found that those borrowers who are ineligible based on their origination date have an average mortgage rate of 5.22 percent and would save an average of $333 a month.
The authors suggested removing the origination date restriction to extend HARP benefits to an additional one million borrowers, who could then use the savings as a economic stimulus.
Capital Economics also discussed the weak impact of low mortgage rates on refinancing in an analysis wrapping up economic news for the week.
Authored by economists Paul Ashworth and Paul Dales, the report did acknowledge that low mortgage rates led to a surge in mortgage applications, especially for refinancing.
Despite the surge, Capital Economics noted refinancing applications still didn’t rise above levels seen in early 2009 when interest rates were also declining.
Rather than focusing on what’s specifically preventing HARP refinancings, Capital Economics provided a more general picture of what is happening in refinancing.
“This illustrates how big a restraint it is that almost half of mortgage borrowers can’t qualify to refinance because, thanks to the collapse in home prices and tighter lending standards, they don’t have the 20% in home equity needed to qualify,” the research firm observed.
Are the squatters getting greedy? Are now demanding principal in an addition to lowering their interest?
Also, I talked to someone that had their 150,000 second mortgage from BofA wiped clean…just gone. He was “sort of happy”, because first mortgage is still underwater.
People talk about the welfare entitled culture. The Ponzi middle class entitled culture is now worse.
Moral hazard was bound to make the attitudes worse. The guy was “sort of happy” he got a $150,000 gift? Wow! The bank owed it to him, right?
Any chance he’ll get a 1099?
I for one refuse to pay a fortune to live in a shack. My lease is up in a few months and as I work from home I can live anywhere. So I am leaving this state and it brings me great joy to see what I can now buy in other states.
3.4 million middle class Californians have left the state since 1990. It’s becoming a little 3rd world in a sense that it’s only rich or poor. Maybe not that extreme but look at south LA County, it’s one giant low income area. It’s miles and miles of poor areas.
Just like any big city. That is not a CA phenomenon. There are also miles and miles of middle class and high end areas.
California is in serious trouble. The populous increasingly is parasites and the rich. The main taxpayers are leaving so long term this tactic by the banks will backfire badly for the state.
John,
Do you mean that the CA has single group that is both parasitic and rich or there are 2 groups – one a parasite and the other rich? By the is, it indicates the former.
SF’s population is rich, student or poor. The middle class has been sqeezed out or live in the subburbs.
As for squatters with millions in equility withdraw in NPB and NPC, I think the true incomes from the walkaway equality money is more than enough to classify them as rich if the income were taxed.
I don’t know if this helps at all, I wonder how California does when it’s compared nationally. These are stats for LA County.
Per capita money income in past 12 months (2010 dollars) 2006-2010 $27,344
Median household income 2006-2010 $55,476
Persons below poverty level, percent, 2006-2010 15.7%
Now compare to Orange County just for fun.
Per capita money income in past 12 months (2010 dollars) 2006-2010 $34,017
Median household income 2006-2010 $74,344
Persons below poverty level, percent, 2006-2010 10.1%
tThis is different from the Bank Settlement
ACLU sues Morgan Stanley, alleges discriminatory securitization practices
By Kerri Ann Panchuk October 15, 2012 • 9:59am
The American Civil Liberties Union filed a class action lawsuit on behalf of Detroit area homeowners alleging that investment bank Morgan Stanley ($17.31 0%) violated discriminatory lending laws by encouraging lender New Century Financial to write, high-risk toxic mortgages in predominantely African-American neighborhoods.
These mortgages were allegedly originated for the purposed of wrapping into private-label securitizations.
The plaintiffs say the case is the first brought by homeowners against investment banks for their alleged role in the securitization of high-risk mortgages that impacted minority neighborhoods in Detroit.
In its suit, the ACLU claims Morgan Stanley then securitized the loans to turn profits on mortgages that were packaged and sold off to investors, with little regards to the risk.
Mary Claire Delaney, executive director for Morgan Stanley, told HousingWire, “We believe these allegations are completely without merit and plan to defend ourselves vigorously.”
But the ACLU, which made this the first case against an investment bank, made several allegations of discriminatory lending.
“Hoping to realize large profits from the securitization of extremely risky mortgages, Morgan Stanley worked hand-in-glove with New Century, encouraging it to issue mortgages that ignored all of the most basic fair lending principles in order to create a large number of mortgages that could be processed and sold as securities,” the ACLU said in a statement.
At the height of the housing boom, New Century was the second-largest subprime mortgage originator.
The suit alleges Morgan Stanley incentivized and even partly funded New Century’s push to write high-risk mortgages.
The key plaintiffs are African Americans who claim the investment bank and lender targeted vulnerable individuals with loans that were at high risk of default and foreclosure.
The ACLU complaint accuses Morgan Stanley of racial discrimination in violation of the Equal Credit Opportunity Act, discrimination as a violation of the Fair Housing Act and race discrimination as a violation of the Michigan-Elliott Larsen Act.
The ACLU’s executive director Anthony Romero acknowledged in a conference call with journalists that “by no means was Morgan Stanley the only actor in the subprime debacle.” He added that if more had been done to deal with the behavior of the banks, additional litigation may not have been needed, but he felt that was not the case.
“We begin with Morgan Stanley,” he said.
One of the plaintiffs, Rubbie McCoy, was part of the conference call and broke out in tears, saying she did not understand what had occured in the lead up and fall out of the housing bust. She did say that at one point her and her four children were “excited about becoming homeowners.”
Deflation comes a knock’n?
appears USD reached a secular low in 08, uptrend underway? If so, it would be great news as asset prices will fall .. BUT.. the purchasing power of all established income streams (including the feds) will increase.
http://static4.businessinsider.com/image/507c24756bb3f70b7d000006-631-456/usi-silvergold-ratio.png
Dollars have not been priced in silver or gold since you were a pup.
Uh… emphasis was on DXY (red jagged line) = dollar index spot. FYI, DXY not priced in gold/silver.
I don’t know what to make of all of this. We bought in 2007 hoping the worst case scenario would be a 15% decline (assuming correctly that all weapons would be used to fight a housing decline). When comps were selling close to 30% less in 2009-2010, I was able to rationalize this – “This is great. That $1m Irvine house we wanted in 2007, will cost us < $700k when we're ready to move up. We'll lose $150k on the current house but spend $300k less on the move-up. It's a net gain!"
Now, as comps keep selling for more, I have to change my rationale again. "This is good. We were able to refi into a 3% loan, so the principal is declining rapidly. Now it appears we'll have a gain if/when we sell within a couple years to apply to the move-up – maybe as much as $100k."
I feel like Romney – a man with no principles willing to shift with the tide.
Oh, Romney has principles. He just won’t admit to them.
It’s probably going be President Romney, if does OK with tomorrow night’s debate. What a difference two weeks make. Not that I’m pro-Romney, but it’s now anti-Obama it seems.
If it President Romney will it really change housing policies. The fed will keep printing and keep rates low. FHA is not going anywhere and we are stuck with the GSE’s since you and I own them.
Once you took a position in the housing market, you were subject to the winds. As long as everything went up or down together, it’s all relative. By far the best thing you are doing is paying down the mortgage. By building equity faster then your cohorts, you will be able to move up quicker into a nicer home.
[...] OC Housing News: Since the housing bust began in 2007, housing analysts focused on lender activity as the best [...]
Q: Why the fall in notices?
A: Nuclear Winter
Happy days are hear again, right?
A housing boom will lift the US economy
There is no sector of America’s economy that is more cyclical than housing. If it is pushed down far enough and long enough, as it was in the post-2008 housing depression, it will eventually snap back to levels that exceed historical norms. That turn in the market is occurring now and it should become a boom by 2015. It will be powerful enough, together with rising oil and gas production and other factors, to lift the entire US economy. Indeed, the resultant US economic growth rate may be higher than the Federal Reserve’s long-term forecast of 2-2.5 per cent.
This surge will be driven by a combination of improving house prices, a lower inventory of homes for sale, rising rates of household formation and population growth, and improving access to mortgage credit. Together, they should push residential investment, which includes both new construction and remodellings, to annual growth of 15-20 per cent during the next five years. This alone may contribute 1-2 percentage points to annual growth in gross domestic product and up to 4m jobs over that period.
It is the depth of housing’s fall that has laid the foundation for this. And it is hard to exaggerate how deep that was. Single family housing starts, for example, averaged 1.4m annually during the 2000-04 period, before the bubble. After it, they plunged to an average annual rate of 500,000 and stayed there. New home sales, which previously averaged 900,000 a year, fell to a third of that. And residential investment, which averaged 4 per cent of US GDP over the 25 years ending in 2005, has accounted for only 2.5 per cent of it since 2008.
Now, however, the cycle is upward, starting with prices. The S&P/Case-Shiller Composite 20 City Home Price index has risen 8 per cent since March. Indeed, Barclays has projected that, by 2015, nominal home prices will exceed their 2006 peak. Home affordability is also way up, as the ratio of mortgage payments to both income and rents has never been more favourable. Moreover, the relationship of home prices to household income is back to the level of 30 years ago. Rising prices and affordability, of course, lead directly to the buying and building of homes.
Second, the levels of relevant supply have fallen sharply. The number of homes for sale has fallen back to its long-term average of 2m. Yes, there is a larger “shadow inventory” of homes that are in foreclosure or carry delinquent or defaulted mortgages. However, many of these are distressed, in that they have not been physically maintained. This means that the supply has become two-tiered – quality homes and distressed homes. For most buyers, only the first of these two markets is relevant and the supply there is approaching its lowest level since 1992.
Third, housing demand is going to be strong, driven by demographics. The International Monetary Fund forecasts that the US population will increase by 15m during the 2012-17 period, more than the increase of the past five years. The two groups of the population that are growing fastest are the over-55s and the so-called echo boomers, the grandchildren of the baby-boom generation. The first group has the highest rate of home ownership. The second has been renting disproportionately, and is primed to start buying. JPMorgan estimates that 6m new units of housing are needed by 2017 just to serve the bigger population.
Then there is the coming recovery in household formation. According to JPMorgan, this rate was steady at about 1.4m annually from 1958 up to 2007. But, it plunged below 500,000 for the three years following the financial crisis, as young people moved in together or lived with parents. Now it has doubled from that level and estimates of pent-up households are at an all-time high. Most expect formation rates to rise much further still, exceeding the 50-year average for a few years.
Finally, the availability of mortgage credit is starting to improve. Underwriting standards tightened sharply following 2008 and the proportion of home sales that are financed by new mortgages is now at a 10-year low. However, household finances have improved sharply, with debt service ratios returning to pre-crisis levels. Moreover, banks also need the income from originating mortgages. Mortgage credit availability is therefore opening up, which also boosts home sales.
For now, the stubborn economic headwinds that began in 2008 continue to suppress US growth, which crawled along at a rate of only 1.7 per cent rate for the first half of 2012. While it may take the best part of two years for these headwinds to die, the stage is being set for a strong economic recovery beyond that. And the housing boom will be its biggest driver.
At some point people with equity will start putting their properties on the market — if their are any left.
A housing boom led by intentionally restricted inventory for years to come. Awesome!
I’d also like to express my disgust at how many people are praying for home prices to magically skyrocket again so people can spend hundreds of thousands they can never pay back.
I wholeheartedly agree. Everyone is angling for free money. Nobody is concerned about producing anything of real value. They just want free money so they can consume.
Well, to be fair it’s what the general population has been told since the 80′s. When you have all your leaders, both business and government, all telling the general populace to consume, go figure. They consume. It shouldn’t be that much of a surprise. Now what would be surprising is if any of the elite came out and said otherwise and a significant percentage of the population did so. That would be shocking.
Ask not what you can do for your country, but ask what your country can do for you.
Nobody in the public sector has any ideals anymore.
What we have here is a clear case of the club owners agreeing to the umpires betting on the game.
Everyone who steps to the plate and signs up for a mortgage is automatically walked home, safe at every base.
Mainstream media reporting on FHA’s 3-year waiting period after short sale/foreclosure profiling families that are “back in the game.”
http://online.wsj.com/article/SB10000872396390444657804578052892032374094.html
If I’d stopped paying in 2009 and saved twelve months’ housing costs… man… I’d have enough cash today to buy a million dollar home using a $729,750 FHA loan!
Thanks for the article. I will use that in an upcoming post. It seems to me that the squatters will end up getting hurt in the end because they will get forced out as prices begin rising, and they will have to wait out their three-year period while prices are rising the fastest. In the end, they will get their comeuppance.
[...] depleted market that is only be replenished by foreclosures. And as I noted on Monday’s post MLS inventory is NOT coming as foreclosure filings dry up, banks are in no hurry to process foreclosures and bring these properties to the MLS. To make [...]
[...] free ride to continue indefinitely. We know from the report released by ForeclosureRadar.com that MLS inventory is NOT coming as foreclosure filings dry up. In California, the number of NODs declined 20.4% last month signaling that lenders are in no hurry [...]
[...] free ride to continue indefinitely. We know from the report released by ForeclosureRadar.com that MLS inventory is NOT coming as foreclosure filings dry up. In California, the number of NODs declined 20.4% last month signaling that lenders are in no hurry [...]