“Oh, you liquidated her, eh? Very resourceful!” -The Wizard Of Oz, congratulating Dorothy and crew for melting the Wicked Witch of the West
The mass liquidation of foreclosure portfolios is best described as a trickle. The inventory is coming on the market slowly as more loans are modified to keep homeowners in their homes. Although the millions of properties in the shadow inventory are still looming, there is nothing that indicates a flood of foreclosures hitting the market anytime soon.
Housing inventory decreased in all the composite markets this month. This is a significant change from last month, when half reported increased inventory and half reported decreased inventory. The decreased inventory follows a seasonal pattern seen every year around this time.
Follow the link to the complete National Housing Report.