It's Worse Than You Think
Here Comes A Flood Of Foreclosures
"Housing might be in worse shape than we think.
There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market.
The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market.
"That's not good news," said Pat Newport, an analyst with IHS Global Insight. "[Excess] inventory is the biggest problem in housing these days, and it leads to lower housing prices, which leads to more foreclosures."
I'm betting this week is going to be one for the record books on Wall Street.
"Housing might be in worse shape than we think.
There is probably even more excess housing inventory gumming up the market than current statistics indicate, thanks to a wave of foreclosures that has yet to hit the market.
The problem: Many foreclosed homes and other distressed properties that are now owned by banks have yet to be listed for sale. The volume of this so-called 'ghost inventory' could be substantial enough to depress already steeply falling prices when it does go on the market.
"That's not good news," said Pat Newport, an analyst with IHS Global Insight. "[Excess] inventory is the biggest problem in housing these days, and it leads to lower housing prices, which leads to more foreclosures."
I'm betting this week is going to be one for the record books on Wall Street.
posted by nolocontendere at 10:34 PM
2 Comments:
Very interesting indeed! I am shocked the Ponzi scheme has continued this long! All the best to you and the Mrs. and all who comment here!
The ghost inventory of foreclosed properties has to show up in County Court filings, which are public record. Where are the computer geeks when we need them?
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