The long predicted tsaumi of forecloses is not forthcoming. This, is according to Rick Sharga, SVPof Realty Trac. According to Rick, the bank will release the 'shadow inventory' to the market over the next couple of years in a controlled fashion.**
Our own Carlos Silva predicted the same in an article last August. see link
This way only makes sense, because if the banks were to flood the market with all of their pent up inventory it would apply downward pressure on pricing. In turn, further exacerbating the depressed housing market and home prices.
The 'shadow inventory' exists but the 'tsaumi' apears to not be heading our way........
**From NFSTI conference on 2/25/10 sponsored by Dan Waterman
