US Real Estate Market Now Has A Ceilling
Banks are believed to be holding 600K of REO in their books. This is probably a combination of needed repairs in some homes(Since vandalism against foreclosured properties seem to be running high), and efforts to try to stablelize the market and prevent collapses
This should work an effective ceilling on US Real Estate as banks will use upticks and increases in activity(What delusional sellers refer as 'waiting for better market conditions') to dump their properties thefore keeping home prices and markets depressed
This also makes the 'months of supply' data less relevant since it doesnt count shadow inventory
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