Real Estate

Shadow Housing Inventory A Continuing Concern In Housing Recovery

Mon Jun 07, 2010 12:40 pm
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Real Estate sales, specifically the lack of transactions ie. Buying & Selling, will continue to be a major drag on the much discussed recovery for the housing market.

What looms as a major negative for the housing recovery, very simply stated, is the unreported number of homes that to this point are being held in a "quasi escrow account" by the major banks that hold millions of real estate mortgages.

It has been written and discussed in the print & electronic media about the fact that millions of homeowners have simply stopped paying their mortgages for a year or more! Homeowners have concluded that it is in their collective best interest to not pay the mortgage and use that money for food, car payments and even vacations.

Mortgage banks have been slow to move on foreclosures. There are so many in the process that if another million or so are added the result would be to further depress home prices and suppress home sales for the next several years.

Is it not more logical to clear the system and "bite the bullet" and let the process work naturally to have the United States Real Estate Market reset itself?

We will not see a true recovery in real estate unless and until everyone feels the pain and real value can be applied to housing.

The move up market is all but gone from real estate as is the relocation and retirement market. First time buyers are few and far between given a jolt only with the recently expired $8,000 Home Buyer Credit.

A generation of home buyers has been and will continue to be affected by the false reporting of real estate foreclosures.

We need to get it right. Moreover, what happened to those "toxic Assests" held by multiple Major Banks. They have to my knowledge not been paid or have they been written off the books or have they been ignored totally?

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