[mEDITate-OR:
procrastinate in telling U.S. the truth...
or themselves for that matter.
Both this article, and this chart, are mandatory for you to read, and see.
In the 2nd Q of 08 something else happened, in addition to the total collapse of investment bankers "securitized" packages of subprime & ARM loans..., the number of REO's in inventory AND default notices went down, while delinquencies and sold foreclosures still went up.
In the 1st Q of 09 default notices and REO's started to go back up, delinquencies still were rising, BUT, and there are two very big butts here...
sales of foreclosures had bottomed out, and are still there !
and notices immediately started to decline in the the 2nd Q !!
The GAP between final sales, REOs and notices AND delinquencies is HUGE !
If they are NOT being sold, where did they go!!
As the article explains, this last sentence was not a question.
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Procrastination on Foreclosures
Now 'Blatant,' May Backfire
http://www.americanbanker.com/
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