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http://www.truthout.org/012509A?ref=patrick.net
Um, if RealtyTrac's numbers translate into another 3M foreclosed homes (which presumably have to be sold someday) - that increases supply by nearly 75%.
Or put into other words:
110M households in the US.
Somewhat less than 70% own a home: 75M
Potential supply: 4.2M for sale now, 3M additional foreclosures. Builders still on pace for around 400K to 500K/year.
75M home owners, 110M households, and 7.6M to 7.7M homes needing to be bought? And each existing homeowner buying must most likely sell their existing home?
Anyone still think we're not in a heap of trouble?
RealtyTrac, the online marketer of foreclosed properties, recently discovered that it has far more foreclosed properties listed in its database, which the company compiles using courthouse records, than there are listed in the multiple listing services (MLS) maintained by real estate agents.
RealtyTrac looked at listings in four states, California, Maryland, Florida and Wisconsin, and found that they contained only a third of the foreclosures it has in its database.
The scope of the problem isn't clear, but it could be huge considering that RealtyTrac has a total of 1.5 million bank-owned properties on its site.
RealtyTrac looked at listings in four states, California, Maryland, Florida and Wisconsin, and found that they contained only a third of the foreclosures it has in its database.
The scope of the problem isn't clear, but it could be huge considering that RealtyTrac has a total of 1.5 million bank-owned properties on its site.
The National Association of Realtors calculates official housing inventory statistics using data from the multiple listing services. By that measure, there were 4.2 million existing homes for sale in November, an 11.2-month supply at the current sales pace, up from a 10.3-month supply in October.
Or put into other words:
110M households in the US.
Somewhat less than 70% own a home: 75M
Potential supply: 4.2M for sale now, 3M additional foreclosures. Builders still on pace for around 400K to 500K/year.
75M home owners, 110M households, and 7.6M to 7.7M homes needing to be bought? And each existing homeowner buying must most likely sell their existing home?
Anyone still think we're not in a heap of trouble?
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