Reports are that the foreclosures numbers are declining,but still at high levels. Arms will be resetting for some time. Jobs and the broader economy is juct cripping along. Transfers are few.
This all points a new normal. At some point there will an new equilibrium and there will be exceptal absorbtion rates again.
The big qeustion will be how long will these homes be on the market and what condition will they be in after sitting for so long.