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Originally Posted by ocean2026
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With all due respect ocean, the article is extremely inaccurate. For one thing they show over 14,000 REO which is simply not true. If you do an MLS search and include Mesquite, Overton/Logandale, Boulder City, Jean, Primm, Mt Charleston, Indian Springs, and Blue Diamond as well as Las Vegas and Henderson, you will only come up with 2856 listed REO (not counting contingents). There are, however, 10,692 short sales out there. I would imagine that quite a few of those will end up being REO, but you can't speculate on that. As an aside
Moreover, this article is using national numbers to try and paint a local picture. I already linked to the NY Fed report on Alt-A mortgages. That report does not make the case for a big wave of foreclosures from the Alt-A market, including any and all state income or no doc loans and definitely including Option Arms.
As far as the phantom inventory, it's real easy to throw a number out there without citing a source or backing it up with stats. It makes it impossible to dispute but on that same token it makes it impossible to prove as well.
I've said many times, there are alot of buyers in the market right now and I hope that we see an increase in inventory. The more homes on the market, the more affordable they become, the more buyers get off of the fence, the more money I make.
ETA: I posted the NY Fed report in the Current Update thread. Here it is again.
http://www.newyorkfed.org/regional/subprime.html