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107 Month Inventory of Foreclosed Homes

Discussion in 'Political Discussion' started by PatriotsReign, Nov 2, 2010.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Direct from the WSJ...107 months or 9 fuggn' years of foreclosed homes. And people want to slow the process down? Good luck! Maybe it will take 15 years to sell off then.

    Meanwhile, our real estate and home building industry will continue to be depressed.

    Number of the Week: 107 Months to Clear Banks’ Housing Backlog

    "107: How many months it would take to sell banks’ current and shadow inventory of foreclosed homes. Banks’ vast pile of foreclosed homes doesn’t appear to be diminishing. That’s a troubling sign for the future of the housing market.

    Back in April, this column tallied up all the foreclosed homes sitting in banks’ inventory, as well as the “shadow” inventory of homes in the foreclosure process or on which owners had missed at least two mortgage payments. At the time, we reported that at the current rate of sales, it would take 103 months to unload it all.

    Over the past six months, that number has actually risen. Banks managed to pare down the shadow inventory, but largely by taking possession of foreclosed homes. As of September, they owned nearly 994,000 foreclosed homes, up 21% from a year earlier. The shadow inventory stood at 5.2 million homes, down 7% from a year earlier. Grand total: 107 months of inventory."


    Number of the Week: 107 Months to Clear Banks’ Housing Backlog - Real Time Economics - WSJ

    Hopefully, Sean Bielat will help get this process working again!;)
     
    Last edited: Nov 2, 2010
  2. Real World

    Real World Moderator Staff Member

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    I heard on the radio last Friday that year-over-year home sales are down 13% in Massachusetts. I saw on the CNN, or CNBC ticker last night, that home prices are forecast to drop 8% over the next year, across the country. When you consider the fact that the gubmit has basically purchased most of this toxic debt, and the fed is looking at pumping another $500 billion into the economy by way of bond purchases, you can't help but think that the worst of it, is yet to come. I think we could see a troubling 2011. I hope and pray we don't, but the dollar is going to be hit hard when the fed starts buying up bonds (printing money), which means that the cost of goods is going to jump (leading to inflation most likely). I'd really pay attention to the price of oil. If it hits triple digits this winter, times could get rough. We'd be talking $3.50 to $4 a gallon of gas, and maybe $4 for a gallon of home heating oil. Again, I hope this isn't the case.
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Just my opinion, but I still don't believe we'll see inflation RW. That would be true in a typical Recession, but we're not in a typical recession. As you know, I believe we're in a Depression, but our gov't will never say that until years after it's over.

    But back to inflation...we're actually in Deflationary times. If the gov't gave everyone in the country $10,000, in all likelihood, we would spend very little of it. Instead of increasing demand for products and raw materials, Americans will continue to pay down debt or put into savings.

    Even if the dollar takes a big hit and the cost of imported raw materials increases, Americans will cut-back on other expenditures. Quantitative Easing via the issuance of bonds is just a theory the Fed is stuck on. Most economists don't believe it's a good idea and will do nothing to move the economy in a positive direction.
     
  4. Real World

    Real World Moderator Staff Member

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    I don't disagree with what you're saying. I guess I'm focussed on the falling dollar, and what that means moving forward.
     

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