There were 4 million homes listed with brokers for sale as of July 31st…this would take a RECORD 12.5 months of current sales pace to take this inventory off the market!
The number of U.S. homes in default or foreclosure is 7 million as of July 31…most have not hit the market as inventory yet…
The average time for a home to actually reach foreclosure after defaulting is 469 days…..say what? That’s almost 1.25 years from original default!!! So how many more defaults have occurred recently that won’t hit foreclosure till the end of NEXT YEAR?!?!?!
Also worth noting is that a current homeowner survey revealed that another 3.8 million homes or 5 percent of U.S. households said they are “very likely” to put their properties on the market within six months if there is an improvement….I believe this goes with my statistic presented earlier that 30% of ALL homeowners in the U.S.A are UNDERWATER....and lurking, waiting, and beggin' to get out even...im beggin' for an ocean-front estate in Maui too but that isn't happening either...
I won't even mention the possible "Shadow inventory" predictions that I've been reading about recently...makes the picture look even more bleak
These stats just reinforce my opinion……re-read my original post:
http://themonthlynut.blogspot.com/2010/08/recently-seemingly-everywhere-i-turn-i.html
Housing simply isn’t anywhere near bottoming!!!!
Hi Mike, Lee just showed me your website! I love the picture of the squirrel!
ReplyDelete-Ellie