Comments on: Another Hole in the “Phantom Inventory” Theory http://bridgetmagnus.com/2009/05/04/another-hole-in-the-phantom-inventory-theory/ Fri, 27 Aug 2010 19:51:10 -0600 hourly 1 http://wordpress.org/?v=3.0.1 By: Ted Mackel http://bridgetmagnus.com/2009/05/04/another-hole-in-the-phantom-inventory-theory/comment-page-1/#comment-127 Ted Mackel Mon, 04 May 2009 19:41:08 +0000 http://bridgetmagnus.com/?p=331#comment-127 Bridget, I think what you left out is that there was an intentional moratorium on Foreclosures. Bank of America, Wells Fargo, a bunch of the banks did it. Not too far back in February the Obama administration was still urging banks to stall foreclosures so it could come up with a plan. The data for California confirms this. We have had an unprecedented wave of NOD filings now that the banks have given up wainting for the government to try and fix this. I personally have first hand experience with several properties that were vacated, cleaned up and ready for market that sat for close to 4 weeks before I was given authorization to sell. I am still working on a property that the Asset management company has dragged their feet on with the eviction they too the property back in January. Our inventory levels are tighter than 2003-2005 right now and the shortage here is real. If you are one of the recovery cheerleaders then you better get a bigger megaphone. We have another wave of adjustable resets that will hit us in 2010 and 2011. Bridget,

I think what you left out is that there was an intentional moratorium on Foreclosures. Bank of America, Wells Fargo, a bunch of the banks did it. Not too far back in February the Obama administration was still urging banks to stall foreclosures so it could come up with a plan. The data for California confirms this. We have had an unprecedented wave of NOD filings now that the banks have given up wainting for the government to try and fix this.

I personally have first hand experience with several properties that were vacated, cleaned up and ready for market that sat for close to 4 weeks before I was given authorization to sell. I am still working on a property that the Asset management company has dragged their feet on with the eviction they too the property back in January.

Our inventory levels are tighter than 2003-2005 right now and the shortage here is real.

If you are one of the recovery cheerleaders then you better get a bigger megaphone. We have another wave of adjustable resets that will hit us in 2010 and 2011.

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