Editor’s Comment: There are few places on Earth where morality is so twisted as you will find on Wall Street, yet we know we need a financial center and bankers motivated by money. The answer is in regulating them like a utility with a few feet added to the leash.
As we stand the banks have inserted themselves into the mortgage process as though they were lenders, traded the loans, sold the loans and bought insurance all payable to themselves. The money came from you and me in our managed funds for retirement and pensions, and the announcement of slashed benefits will come after the election. Obama is likely to want to do something about the problem for retirees on fixed incomes whereas Romney will again say “let it bottom out” like he says about housing, like he said about car manufacturing and dozens of other companies and industries. But Obama is not doing nearly enough so you hardly be surprised with voter disappointment.
Now that they have control over the title to homes they essentially stole, they are about to dump those houses on the market driving prices down further, and enabling them and their preferred clients to buy the homes en masse at the artificially low prices created by the banks themselves. What a world.
If this doesn’t make you want to fight them, what will. Millions of young Americans of all races, creeds, men and women have lost their lives preserving our liberties and freedom from this type of bullying and for the right to protection of our property and our lives through due process.
They died trying to stop this day. Don’t you owe it to yourself and your grandchildren to stand up and fight, without the risk of loss of life and limb?
Just under 2.3 million U.S. homes made up a “shadow inventory” of distressed properties that are likely to hit the housing market in the future, according Santa Ana-based data giant CoreLogic.
That’s down from July 2011, when the hidden supply of distressed homes that could become a drag on home prices totaled 2.6 million units, according to the report.
As of July, the shadow inventory consisted of 345,000 bank-owned units (dark blue), 900,000 homes in foreclosure (light blue), and 1 million homes that were 90 days or more behind on mortgage payments (red).
CoreLogic’s estimate of shadow inventory has dropped steadily since February.
The report said that decline could be a sign that home prices will rise.
“This is yet another hopeful sign that the housing market is slowly healing,” said CoreLogic President and CEO Anand Nallathambi.
The data firm defines shadow inventory as homes where owners are 90 days or more behind on mortgage payments, homes in some stage of the foreclosure process or bank-owned foreclosures that have yet to be listed for sale.
Details from the July report show:
It would take six months to sell all 2.3 million units of shadow inventory based on July’s sales pace.
Just over 1 million units in the shadow inventory are homes that are 90 days or more late on mortgage payments but are not yet in the foreclosure process.
More than 900,000 units are in some stage of foreclosure.
About 345,000 units have gone back to banks after a foreclosure but aren’t yet on the market.
The estimated value of homes in the shadow inventory was $382 billion in July, down from $397 billion in July 2011.