Lenders' shadow inventory is real- and worse than you thought

[Rich Weese]

3 years for banks in NV and CA to foreclose on current delinquent loans. Which state will take over FIFTY (50) years at current rate? I said OVER 50!

http://www.msnbc.msn.com/id/43456544/ns/business-us_business

Looks like there will be properties still to buy when our kids and grand kids are adults! What do you think? Rich

[Mark Updegraff]

Glad to hear from you Rich!  I really hope things don't take 50 years here in NYS!  The foreclosure I picked up took about 3 years to get through.  In that time it was vandalized, copper stolen, broken windows, water damage.  A prostitute was taking advantage of it.... It did lots to keep the neighborhood down.  I can't imagine any investor wanting an "asset" that has been deferred for that amount of time.  Not to mention it will blight neighborhoods into a state of near impossible recovery.  It is a sad state of affairs... Another great example of bureaucracy's noble yet failed attempt to help.