Housing - No Bottom in Sight

The percentage of homes with a notice of default (NOD) where the owner has not made a payment in more than two years has risen steadily since January 2009. It is now 30% of all defaulted properties. At the end of 2009, it was a mere 10%...

Homeowners are not stupid. The word gets around that the banks are not foreclosing very quickly on delinquent homeowners. In the NYC metro area, homeowners are finding out that the banks are hardly foreclosing at all...

Leaders of the major banks continue to keep their heads in the sand. Their response to the housing debacle is still to kick the can down the road by not foreclosing on these seriously delinquent homeowners. The banks just don’t see that there is no housing bottom in sight.
--- Keith Jurow, Minyanville