12
03/10
More Reality about Real Estate
by John Galt
March 12, 2010
The news today is more of the same from the mainstream media, then again, I’m not a representative of nor party to the nonsense they spread. The true depths of where the real estate crash is heading is not then happy-happy joy-joy news about modifications increasing, since 70% of those fail within 12 months. It is not the stories from the Florida Association of Realtors proclaiming that some stabilization appears to have finally begun in our state since I’m involved in it at the grunt or ground level and know that the shadow inventory of literally block after block of empty homes tells a much more factual tale.
This story from DSNews.com:
REOs and Short Sales Account for 50% of California Home Sales
is a tell tale sign as to where reality and the truth in the hardest hit states probably does and shall continue to exist.
If 50% is the number in California, then you can be assured that is the same story for Nevada (probably worse), Florida and of course, Arizona. The pattern will repeat through many other states, especially those hardest hit by the unemployment problems sweeping the nation.
