Foreclosures Are “Pigs With Lipstick”
This is a very interesting post about the shadow inventory that is out there, meaning the foreclosures that have yet to have been foreclosed upon and listed on the market.
Ivy Zelman, a Credit Suisse Analyst, who apparently called the housing crisis before the boom peaked notes “The average number of days from when a borrower stops paying on his/her mortgage to when the bank sends out the first foreclosure notice is 417 and the final foreclosure can take up to a year more.”
I knew the time period was long but didn’t know the average was 417 days. Think about it, that’s the average meaning there are some much longer and I am sure that is a trend that may continue which would increase the average number of days.