I read this on the internet today...
A teenager who graduated high school last May will finish college around the same time the market has moved through the shadow inventory of foreclosures built up from the recent financial crisis. That's according to Morgan Stanley. The shadow inventory of homes with delinquent mortgages yet to move through the foreclosure process would take 47 months to clear at the current sales pace, almost four years. (Source: REO Insider Update)
I have had a gut feeling for a long time the situation with shadow inventory is as bad as Morgan Stanley estimates. I scan the NOD filings and I know quite a few people who have just recently stopped paying their mortgage. This will go on for a long, long time.
So what do you think??
Should we rip off the bandage and feel the terrible pain but get it over with faster?
OR
Keep practicing Ancient Chinese Water Torture and spread the pain over 47 months?
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