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The California Depression is going to be with us for many years. High taxes, high deficits, AB 32, extortionist unions, Federal policies that steal our money and dignity. Thanks to the racism of Barney Frank and the Democrats, Fannie and Freddie have killed our dream of a house for every family.
"So-called “shadow” inventory – homes facing foreclosure or owned by banks and other lenders after foreclosures but not on the market -- reached 2.1 million units in August, or eight months worth of supply, up from 1.9 million, or a five-months' supply, from one year earlier, according to figures compiled by financial information company CoreLogic (NYSE: CLGX) of Santa Ana.
With visible inventory remaining flat at 4.2 million units, the change in shadow inventory increased the total supply of unsold inventory by 3 percent.
The total visible and shadow inventory was 6.3 million units in August, up from 6.1 million a year ago. That adds up to 23 months worth of unsold homes at the current selling pace, up from 17 months a year ago."
With this inventory--and growing--there is no need or money, for new housing. That is a massive loss of construction jobs. the only good news is that along with honest Americans, hundreds of thousands of illegal aliens will also be jobless.
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"So-called “shadow” inventory – homes facing foreclosure or owned by banks and other lenders after foreclosures but not on the market -- reached 2.1 million units in August, or eight months worth of supply, up from 1.9 million, or a five-months' supply, from one year earlier, according to figures compiled by financial information company CoreLogic (NYSE: CLGX) of Santa Ana.
With visible inventory remaining flat at 4.2 million units, the change in shadow inventory increased the total supply of unsold inventory by 3 percent.
The total visible and shadow inventory was 6.3 million units in August, up from 6.1 million a year ago. That adds up to 23 months worth of unsold homes at the current selling pace, up from 17 months a year ago."
With this inventory--and growing--there is no need or money, for new housing. That is a massive loss of construction jobs. the only good news is that along with honest Americans, hundreds of thousands of illegal aliens will also be jobless.
More...