Comments on: Shadow Inventory Proof and Banks Delaying Losses for another Day. Banks Employing the Stick Your Head in the Sand Solution for the Financial Crisis. http://www.doctorhousingbubble.com/shadow-inventory-proof-and-banks-delaying-losses-for-another-day-banks-employing-the-stick-your-head-in-the-sand-solution-for-the-financial-crisis/ How I Learned to Love Southern California and Forget the Housing Bubble Tue, 16 Mar 2010 14:09:30 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: ChrisK http://www.doctorhousingbubble.com/shadow-inventory-proof-and-banks-delaying-losses-for-another-day-banks-employing-the-stick-your-head-in-the-sand-solution-for-the-financial-crisis/comment-page-1/#comment-40416 ChrisK Mon, 28 Sep 2009 14:30:54 +0000 http://www.doctorhousingbubble.com/?p=2281#comment-40416 "Here in Florida, all you’ve got to do is get on your bike and look for unmowed lawns, green pools, and disconnected meters to get a good idea of what’s happening. Oh yeah, no for sale signs either. They’ve given up." Pretty much. The bad thing is in my area of Florida the number of empty homes is worse than last year. Much worse. I have tracked about 100 homes over the last couple of years... Less than 30 are currently with new owners. It seems the average time between the NOD and a new owner is running between 2.5-3 YEARS. I work with people who have not paid in 2 years and have yet to recieve the first NOD. Hang on because the ride is just getting interesting... “Here in Florida, all you’ve got to do is get on your bike and look for unmowed lawns, green pools, and disconnected meters to get a good idea of what’s happening. Oh yeah, no for sale signs either. They’ve given up.”

Pretty much. The bad thing is in my area of Florida the number of empty homes is worse than last year. Much worse. I have tracked about 100 homes over the last couple of years…

Less than 30 are currently with new owners. It seems the average time between the NOD and a new owner is running between 2.5-3 YEARS.

I work with people who have not paid in 2 years and have yet to recieve the first NOD.

Hang on because the ride is just getting interesting…

]]> By: jason http://www.doctorhousingbubble.com/shadow-inventory-proof-and-banks-delaying-losses-for-another-day-banks-employing-the-stick-your-head-in-the-sand-solution-for-the-financial-crisis/comment-page-1/#comment-39739 jason Sat, 05 Sep 2009 05:40:52 +0000 http://www.doctorhousingbubble.com/?p=2281#comment-39739 Where do those maps come from? Where do those maps come from?

]]> By: Deee http://www.doctorhousingbubble.com/shadow-inventory-proof-and-banks-delaying-losses-for-another-day-banks-employing-the-stick-your-head-in-the-sand-solution-for-the-financial-crisis/comment-page-1/#comment-39445 Deee Wed, 02 Sep 2009 23:11:53 +0000 http://www.doctorhousingbubble.com/?p=2281#comment-39445 Looks like a catch 22. The banks own the homes and need or want top dollar. The banks can’t lend you too much money to buy their overpriced house because they know you can’t afford to pay it back. The market’s locked up because the price most folks can afford to pay is less than what banks and most sellers need. Maybe we are now entering the ugly sticky stage most expected; except the lenders are the main sellers and they have more options than the average seller. They will have to develop a few new tricks and I think that’s exactly what they are trying to do on our dime, and keep their bonus to boot. I know two families who have not paid in about a year and one who walked 6 months ago and have had very little contact with their lender although one is now in talks and say’s he may get a modification after his 3 month trial. (after not paying a dime in a year, however now owes back taxes and has been sued by his HOA). Another person I know did get foreclosed on and said she has to pay taxes on the loss (anybody hear anything about that) I may do the same except I didn’t get in over my head, still upside down a tad but not crying just paying down my debt. Looks like a catch 22.

The banks own the homes and need or want top dollar.

The banks can’t lend you too much money to buy their overpriced house because they know you can’t afford to pay it back.

The market’s locked up because the price most folks can afford to pay is less than what banks and most sellers need. Maybe we are now entering the ugly sticky stage most expected; except the lenders are the main sellers and they have more options than the average seller.

They will have to develop a few new tricks and I think that’s exactly what they are trying to do on our dime, and keep their bonus to boot.

I know two families who have not paid in about a year and one who walked 6 months ago and have had very little contact with their lender although one is now in talks and say’s he may get a modification after his 3 month trial. (after not paying a dime in a year, however now owes back taxes and has been sued by his HOA).

Another person I know did get foreclosed on and said she has to pay taxes on the loss (anybody hear anything about that)

I may do the same except I didn’t get in over my head, still upside down a tad but not crying just paying down my debt.

]]> By: Partyboy http://www.doctorhousingbubble.com/shadow-inventory-proof-and-banks-delaying-losses-for-another-day-banks-employing-the-stick-your-head-in-the-sand-solution-for-the-financial-crisis/comment-page-1/#comment-39413 Partyboy Wed, 02 Sep 2009 13:45:58 +0000 http://www.doctorhousingbubble.com/?p=2281#comment-39413 DG, I agree that the google display of distressed homes is not extremely accurate. It does however give some sort of idea as to how many homes are distressed. And the kicker is that the extraordinary amount of red dots is an understatement of the problem. It's not a great search tool if someone is looking to buy a foreclosure but it does paint a picture. DG,

I agree that the google display of distressed homes is not extremely accurate. It does however give some sort of idea as to how many homes are distressed. And the kicker is that the extraordinary amount of red dots is an understatement of the problem. It’s not a great search tool if someone is looking to buy a foreclosure but it does paint a picture.

]]> By: Nick http://www.doctorhousingbubble.com/shadow-inventory-proof-and-banks-delaying-losses-for-another-day-banks-employing-the-stick-your-head-in-the-sand-solution-for-the-financial-crisis/comment-page-1/#comment-39405 Nick Wed, 02 Sep 2009 04:04:19 +0000 http://www.doctorhousingbubble.com/?p=2281#comment-39405 Dr, Good post.... who do you recommend for foreclosure information? foreclosureradar ? Dr,
Good post…. who do you recommend for foreclosure information? foreclosureradar ?

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