Make sure you are sitting down. This was a shock to me. and I am from AZ. The foreclosure capital of the world.
Nationwide, (across the whoe US of A)
the Realtors group estimates that sales of distressed properties made up 45 percent of all property sales in October.
There were 4.23 million unsold homes on the market in October, down slightly from a month earlier. At the current sales pace, it would take 10.2 months to sell all the properties.
Until the inventory of homes falls to more normal levels, analysts say, the housing slump is likely to persist. Inventories remain at historically high levels, driven by a massive wave of mortgage foreclosures.
"There are still way too many houses being offered and that is likely to stay that way for quite some time as we work through the foreclosure problem," said Joel Naroff, an economist and president of Naroff Economic Advisors in Holland, Pa.
Soaring foreclosures are a driving force behind the credit crisis that has upended Wall Street and caused the government to spend billions rescuing numerous major banking institutions, the latest of which is Citigroup Inc.
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