Well I guess it's official - Foreclosures will continue to slow housing prices and over all housing recovery for the next 3- 4 years ?
"A full housing recovery is three to four years off as the nation grapples with a shadow housing inventory of 4.5 million distressed properties", according to Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association.
What the story behind the story - shadow inventory- Yep Shadow Inventory again is driving down prices in parts of the U.S. and that nasty Shadow inventory is stalling an overall national recovery even though most of the distressed inventory is concentrated in Florida, California, Illinois, New York and New Jersey. Funny how the unseen can have so much of impact.
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