Archive for the 'shadow inventory' Category

The California contradiction – Record high unemployment and highest home prices in the nation. Share of Californians employed at record low levels and July home sales forecast dire home price cuts moving ahead. During bubble years July home sales came in at over 60,000 for the month while last July they came in at 34,000.


Shadow inventory Armageddon – Foreclosure timeline up to an average of 599 days with 798,000 mortgages having no payment made in over 1 year and no foreclosure process initiated. Shadow inventory grows to over 6,540,000 properties.


Lords of the shadow inventory – over 3 million homes locked away in shadow inventory near peak levels. Prices must fall to prevent massive drawn out drag to economy. California sold 38,000 homes in June but added 43,000 foreclosure filings.


Housing Apocalypse Tomorrow – 675,000 homes in foreclosure have made no payment in over two years. The never ending pipeline of troubled real estate.


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