I've been preaching about this for quite a while now.
The Governments intrusion into the market has done nothing but delay the inevitable. Every program that has been used to try and stop the landslide in housing prices has failed.
This report spells it out in detail-substantiating predictions made, several years ago, by many On The Street, professionals, that the market and those serving that market are the only one's who can really fix it. Not The Government!!!
Mathews Realty Group
Real Estate Investments
Retirement Advisors
Fourth-Quarter Shadow Inventory Update: Drop In Liquidations, Stable Cure Rates Indicate Increased Foreclosure Timelines
The volume of distressed nonagency residential mortgage properties in the U.S. continues to fall, but at an ever-slowing pace. Standard & Poor's Ratings Services currently estimates that the principal balance of these distressed homes amounts to about $450 billion, representing nearly one-third of the nonagency residential mortgage-backed securities (RMBS) market currently outstanding. We define this yet-to-be absorbed "shadow inventory" of distressed properties as outstanding properties whose borrowers are (or recently were) 90 days or more delinquent on their mortgage payments, properties currently or recently in foreclosure, or properties that are real estate owned (REO).
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