Housing’s shadow inventory, “dark oil” and zombie money

Lengthy article at  BusinessInsider on what’s hidden from our markets and impending doom. I don’t know from crude oil but the author’s comments on houses that banks don’t want and thus won’t take title to ring true. If he’s right, there are millions of houses out there waiting for an eventually return to the market, so don’t believe what your read about a housing come back.


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6 responses to “Housing’s shadow inventory, “dark oil” and zombie money

  1. Walt

    Dude –
    So are you excited about the Giants? I am!! I painted my face blue already. Did you? If you don’t have blue paint, just go outside and stick your head in a mud puddle. That will work in a pinch. If the puddle is frozen, just keep hitting it with your forehead until it thaws. OK?
    I really think the Giants are going to win. We can’t lose to a bunch of frigging mid western cheese heads, can we? But Aaron Rodgers is pretty talented, so it should be a good game. I am thinking Giants 24 – Packers 20. I got chips, dips and beers if you want to pop over. Bring some road kill if you want.
    Do people actually live in Green Bay because they want to? Or are their asses just frozen to the seats and they can’t leave? The heating bills must cost more than the mortgage. How screwed up is that?
    Your Pal,

  2. AJ

    Confessions of an Economic Hitman John Perkins: For your viewing entertainment. Watch and learn:

  3. AJ

    We are all so screwed:

  4. You’re right, it was interesting.

    Depressing but interesting.

  5. AJ

    Get yours while it lasts:

  6. Here’s an interesting tidbit from the article

    • Foreclosure defense lawyers have clients who have not paid their mortgage in years, but face neither a foreclosure nor even a negative mark on their credit report. I recently received a call from a man who said he had not paid his $1.6 million mortgage in two years but his servicer has not foreclosed, and he faces no derogatory information on his credit report; he was frustrated because he is retired and just wants to move to a cottage.