"“843 days”! That’s a new record, which means that the banks are actually dragging the process out longer today then ever before. This has had profound effect on prices which have soared by more than 10 percent in the last 12 months creating the illusion of a sustainable recovery. Keep in mind, that the banks have little choice in the matter. They are still sitting on more-than one trillion dollars worth of non performing loans leftover from the recession. If they simply dumped their backlog of distressed homes onto the market all at once, the deluge would push prices below their 2009-lows leaving bank balance sheets in tatters. That’s the scenario they want to avoid at all costs..."
Posted on: Sun, 16 Jun 2013 01:41:14 +0000