<p>Real estate is local.</p>
<p>This year…Prices are up 11 percent where I live.</p>
<p>There is very little inventory.</p>
<p>Brokers say they have multiple buyers…waiting.</p>
<p>Not to besmirch the credibility and authentic business practices we have all come to expect from the housing sales and banking industries, but a cursory glance at the “gaming” that is going on in concealing actual inventory so as to obscure the real data suggests that things are worse than they seem, and that yet another marginal scam is already underway to drive up the price in local markets for short term gain.</p>
<p>"It boggles my mind though that the number of foreclosures that really did happen last year were turned around to flippers and regular buyers. I mean, I guess they did, but it doesn’t seem like they did.</p>
<p>So then, in estimating supply and demand in the RRE market today we’re left with guessing how many potential foreclosures might, maybe, be allowed to happen and how many sellers that really want to sell will throw in the towel and price their place to sell vs. how many people have the cash and desire to buy properties that are priced right and all the poor s******* that are living with their parents and hating it and wanting and needing to buy a house if only they could get their income and their credit rating back to where it needs to be.</p>
<p>In other words figuring supply and demand for RRE is about as easy and straightforward as figuring supply and demand for oil."</p>
<p>"I have seen some of these reports that the banks are withholding inventory as well. Shadow inventory is NOT inventory the banks own. They are not hiding the REO on their balance sheets.</p>
<p>Shadow inventory is the huge number of delinquent loans upon which they have not begun foreclosure proceedings. There IS and enormous amount of that toxic waste lingering on their balance sheets, and it is the cleanup of that mess that will bring more inventory to the market."</p>
<p>Maybe in some areas…</p>
<p>dstark is right (for once :)). Real estate is local, booming and recovering in one place, still depressed in others.</p>
<p>Lol…</p>
<p>Perhaps purchasers will finally buy a home with the intention of it being a home and not a retirement vehicle…</p>
<p>The opening statement of this thread about BoA start to offer Loan Modifications AND stop foreclosure on those 200K selected homes will have ripple effect to the easing of “shadow invetory” pressure. In the same article, it was mentioned that there are 5+ million homes are under the water and delinquent in USA, but if the move by BOA is echoed by other lenders, it will reduce the foreclosures. Foreclosure is the major culprit for decline or stagnant of housing prices.</p>
<p>4 month of delinquent is not serious at all in this round of housing depression, I know, cause I bought one from the bank that was delinquent for over 5 years.</p>