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Because one is born every minute (even if one is ineligible for a mortgage with JPM).
h/t nolsgrad
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Great, i am going to foreclose one and get one from JPM
Are they giving free lonas with negative interes?
Is it a good time to buy a hobby farm, out in the sticks (Canada)? My elderly parents were wondering.
David Lebovitz.
Nuff said.
Allow me to save you some time with this condensed version.
"Many observers at the time realized that too many houses were being built, homeprices were rising too quickly and lending standards were being dangerously compromised in fueling the bubble."
LMAO... that's not how I remembered it. All I heard was buy, buy, and buy another one. Rewrite history much?
"Many" as in the Fabulous Fab and John Paulson....
Housing: Now is the Time to Buy MBS
A Presentation to the Federal Reserve
Yow! Just blew vodka out my nose. Would appreciate a more specific warning.
vodka and zerohedge Friday night is not the ideal way to prep for the weekend...unless you were about to buy a house. Because Fed is so confident in the economy that they said they will have ZIRP for next 2 years.
I believe the correct quote is:
"Now is a good time to buy, or sell a home."
http://bigpicture.typepad.com/comments/images/its_a_great_time.png
Thank you David Lereah...
http://www.irvinehousingblog.com/wp-content/uploads/2008/01/david-lereah.jpg
Strange, I heard the same buy, buy, buy story for stocks this last week as well.
the time to buy will be at 10oz/ AU: 1 Median house.
I love the disclosure right next to the logo at the end:
NOT FDIC INSURED | MAY LOSE VALUE | FRAUDS R US
Is it normal all I can see is a two-wheeler desperately spinning out of a recurring dream instead of what is supposed to be pdf file ?
I am missing the humour.
and in the really tiny print: BITCHEZ!
The only bubbles appear to be Vancouver and the tar sands cities like Calgary/Edmonton.
Looking at S.W Ontario. Land prices are pretty steep: $700,000 for 10 acre crop farm. I don't know if that is a "bubble" or not...
SW Ontario land is pretty rich (in a farmland type of way).
The problem with "out in the sticks" is what happens when gasoline goes to $15/gallon?
No one sends food to New Yawk or DC.
And small towns regain their significance.
Richard Cantillon's Essay on the Nature of Trade in General laid it all out nearly 300 years ago.
Good luck with that.
Read The Hunger Games, a book for teenagers about what totalitarian government does when insurrectionist/secessionist regions stop sending Caesar's share back to Rome.
Why wait?
Guess that depends if you have to drive to work and/or how far away your food actually has to travel. Might want to avoid population centers for a while.
Horses increase in value.
"Horses increase in value"
Spoken like a true horse trader.lol
Amazingly, the bubble hasn't popped yet in Canada. Buyer beware.
Google what you can buy in Vancouver BC for $1 million. It's funny.
Thank the Chinese.
"Thank the Chinese."
Germans actually. Which you might know had you ever been there.
Actually it's popping as we speak... Some areas have gone cold and inventories are mushrooming. The prices really have not gone dawn yet cause sellers are waiting for the soft spot to pass (transitory) and are holding their price. Unless your a momo, know is the time to short that bitch.
Just wait until Fukushima finishes enriching the place. Then the fun really starts.
LMHA (laugh my hair off)
Not quite yet.
Ben Bernanke also has a part in this... Canadian central bank had to keep interest rates low to "compete" with the global market. lol In this competition you want your currency at zero. F-cken meatheads. Ben Bernanke is like a retard hopping along in a potato sack, so what does Mark Carney do? (Canadian central banker) He grabs a potato sack, has a 26'er or rye and decides to race the other retard Bernanke. Don't they look smart. Two retards hopping side by side in an open field with genuine dumb ass grins on their faces. It's a thing of beauty. The race to create the next bubble. ahhhhhhhhhhhhhh
I kind of agree that there is a real estate bubble in Canada. But...I'm so happy to be back home. Canada is a large country with a small population with incredible resources. We will do well. Unless the US invades us because of all the arctic oil. Or Jamie Dimon wants to take his smackdown of Carney to the next level. Canadian investors aren't that smart and they are conservative. They didn't take risks via CDS so little exposure.
Have you played Crack Shack or Mansion?
That's an excellent site! Pretty funny haha
nah...wait until we have our housing crisis.....people running aroung my neighborhood with $500K / $600K mortgages because the banks let them. Because we're Canadian nothing's going to happen here like the US housing market. Yep.....stay tuned
Is it a good time to buy a hobby farm, out in the sticks (Canada)? My elderly parents were wondering.
if you have to refer to canada as the sticks, chances are your attitude as well as your parents won't be welcome there for too long, you might want to try hobby farming in east LA instead
you'll go over great there.
Just makin' Jamie proud so when they all meet at Roosters later today the idiot author can say he recommended something.
How could anyone trust a bank for investment advice at this point? Rule of thumb, if a bank is selling, so should you-first if at all possible.
Remember that you are their counterparty, not their client.
Run Little Rabbit, run, run away.
the only thing it may be a good time to buy is some JPM put options
Forgive my language but what fucking planet are these morons on?
DavidC
On planet earth. Just on a different dimension. Hence the talk about "Surreal" by some ABBA fun chairman turned philosopher, proving they are all deep inside Plato's cave.
You may have coined a new phrase..."surreal estate."
i wish i had thought of that
awesome
Yup. 10,000 baby boomers retiring every week (and probably wanting to sell their house to some schmuck), 85% of last year's college grads living with their parents, less people making $50K or more per year than there was in 1997! Where is the greater fool going to come from to buy your house? No household formation equals no demand.
Apparently not the case in the UK (and potentially, Western Europe):
The current housing crisis is not principally about Britain having enough housing but about the way it is shared between older and younger generations.
Under-occupation of houses is encouraged by the tax system and there are now 25 million surplus bedrooms in under-occupied houses in England. ‘Hoarding of living space’ (under- occupation) is increasing very rapidly.
Under-occupied housing has increased from 20% of all households to about 33%, according to the English Housing Survey.
The divide between the housing-haves and housing-have-nots has moved from being one dominated by class to one dominated by age. The huge increase in housing wealth by the older generation was broadly matched by a big increase in mortgage debt by younger people.
This is important as housing wealth has grown rapidly – from about the same as GDP in 1980 to about twice that level over the last 30 years.
House ownership is virtually unaffordable for younger people in the parts of Britain where there is work. As a result, private renting has increased by over 50% during the last 8 years.
16 million people now live in under-occupied properties in England. This is equivalent to 37% of the total English housing stock.
Downsizing amongst the over 65s in the UK has stagnated, unlike the US.
http://www.if.org.uk/archives/1229/hoarding-of-housing-the-intergenerati...
Covered by the Guardian, amongst others.
[edit due to stupid parsing errors]
Forgive my language but what fucking planet are these morons on?
Oooo Oooo Oooo Mr Kateer Mr Kateer...Pick me pick me.
Well, it is a well know fact that every New yorker knows that Morgans come from planet Kardashian.
On the other hand the Goldmans are from Goa'uld. The name means "Children of the gods" http://en.wikipedia.org/wiki/Goa'uld hence Blankfein's assertion that he is doing God's work. Another little known financial fact, what I don't know I make up.
That says, "Trust us, we know what the hell we're doing and you don't." ....riiiiight
He's right. I have no idea what they are doing. Trolling for suckers like the Carnys they are, I guess.
Financial Advisor Speak.
The salt-of-the-Earth TV Ford guy just says, "Now's the time to buy a Ford!"
RDD: Reality Deficit Disorder
Your avatar goes great with this "humor." I am sure that sheep is delectable!! And JPM is so greedy they are as obvious as Wile E. Meanwhile, sometimes those sheep are really sheep dogs "dressed to kill."
Home affordability may be high, but the likelihood that a buyer today will be underwater on their mortgage tomorrow is high. If mortgage rates were to rise, the effect on someone buying today would be to instantly put him under water along with the other 22% of current homeowners that are now underwater.
Sorry JPM, you a-holes, I think buying a house now sounds like a terrible idea.
The only thing I'm buyin is PHYSICAL gold and silver.
http://gainesvillecoins.com
Mortgage rates will rise soon enough. And not by 25 bps, either...
? FOR INSTITUTIONAL USE ONLY/NOT FOR PUBLIC DISTRIBUTION
Some sort of internal office Halloween gag?
Institution is polite for nut house.
i think i will default on my under water mortgages and buy a cheaper house now. lmao
Reverse that;
I'm going to buy a cheaper house, THEN default on my underwater properties.
i should fire chase and hire you as my financial adviser. ;)
You almost have it correct. 1) buy a new house 2) stop paying on current mortgages but continue to rent them out and collect the rent for the next year or 2, however long it takes for the bank to reposses them 3) Pay off huge portion of new mortgage with rental payments.
anytime you want to start a hedge fund let us know.
Excellent!
http://www.youtube.com/watch?v=YKUOB8MN4Kc
Just think of all those miserable people out there with underwater mortgages and soul-crushing debt. Not only can you take their house from them for way less than they paid for it, you can also assuage your conscience by becoming one of them in a few years. It's a win-win.
So that's how they plan to fix PrimeX...
They misspelled "Gold:"
noted that, too...they spelled it "Housing".
Off to the real estate agents...
Oh damn, I forgot, I'm unemployed--no loans for me....
Off to a real estate sales license school....
These people are just fucking goofy. My wife works for one of the largest real estate companies in town as a book keeper. Even through the worst of the crash they have faired pretty well and survived as a company. She just shared with me last night that for the first time in the history of the company they had to have a cash infusion to pay the bills.
Blood in the streets if you will...Lulz
words fail me
Try booze. It is friday.
i like the way you think...
Trying but still not helping - damn!
You just need to try harder
Here is where JMP Morgan employees will be:
http://www.bumhits.com
in your dreams
I am pretty sure these were the same guys that were strongly recommending it was a BAD time to buy for the last 5 years. I am sure of it. Really.
Just like the restaurant business... when the fish is going bad in the cooler it becomes that night's chef's special.
1:00 pacific and I need to take a rape shower.
The Senate killed Obama's jobs(?) bill so now it's safe to go out and plunder and rape at will. That's what Biden has been saying anyway.
Working those machines over can be sweaty work.
I like this forced rally the last 15 min. It makes me laugh to see such lunacy, I can start my weekend with a smile.
yup...spy gap up at open on abysmal volume on option expiry...so bullish
Friday Afternoon Song From the Silver Summit
http://www.roadtoroota.com/public/720.cfm
This video debuted at the 2011 Silver Summit and was met with rousing applause by a rabid crowd of silver investors.
THE WORD IS GETTING OUT!
Just listened to Jeffery Christian's presentation at the Silver Summit and came away with 2 DOOZIES.
1) He has upped is previous "faux pas" of admitting 100-1 gold trading leverage on the LBM to 400-1 but he says it doesn't matter!
2) Christian claimed that the "Drive By Shooting" in May was caused by a change of trading positions on the COMEX....WHICH IT WAS!
Of course, under US Commodity Law it is ILLEGAL for prices to be SET on the COMEX! The futures and options contracts can only be a "price discovery mechanism" and not a "price setting mechanism"!
Thanks again for your valuable insight Jeffery!
The 3 Fuckan Stooges of PM's market. Christian, Nadler and Gartman.
Nadler came out today and said gold "might take a pause here for the next year or two." He bashed silver even more than that. You noticed he canceled at the Silver Summit?
Here he is in all his glorious douchebaginess...
http://www.kitco.com/Exclusive-News/
Jeffy Christian practically got hooked off the stage in Spokane at the Silver Summit.
Bill Murphy made him look like the MORON that he is during the Great Manipulation of PMs debate today.
You can here this debate tomorrow @...
http://www.kitco.com/falltour2011/debate.html?utm_campaign=Silver-Debate-Email&utm_source=Registration
He won't be back next year.
Just like Nadler he is a lying stooge and a coward to boot.
*{Hope the mics pick up the hisses, boos and open laughter from the crowd in the room as Jeffy spoke. What a hoot he is!}
Remember the good old days when a weekend market would sell off into the close? Way back when we had some sort of reasonable market. I miss those days.
No, it makes total sense to load up on risky assets over a weekend where the outcome of a successful European summit is already priced in.
I love how all market simultaneously reverse direction all at the same precise moment. That's a a healthy sign.
Well, how can you win the lottery if you don't play?
Is there a version printed on toilet paper roll?
Yea, there called CDO's.
Please tell me you got the memo?
What is not mentioned the JP morgan manifesto is that the ratio of consumer home equity and assets to consumer debt has SHRUNK in the past 10 years by an astounding amount.
In the past decade home equity has shrunk in half even as consumer debt has grown by leaps and bounds.
Almost a trillion in consumer credit card debt, over a trillion in student loan debt, more and more people being scarlet lettered because of a debt they could not restructure without first defaulting, thus ruining their credit score. Huge losses in 401K value.
We're talking an asset to debt ratio reduction of anywhere from 100% to 300% over what it was ten years ago.
"It is time to buy" (because everyone just found out we never owned or had the rights to any Washington Mutual loan we sold or foreclosed on, and we have lots and lots of legal bills)
JP Morgan Chase keeps a litigation reserve of somewhere between 1 to 4 billion dollars.
hahahaha;;;;ive already heard many many times !
They'll continue to say such, 'till it's true. Housing starts are wayyy down and at some point enough young people newly entering the market will consume these abundant existing homes. When is that? Why, media says it's when the prez's jobs bill has them all building bridges and roads, of course, wait, or, maybe they'll need to pay off that IT degree first, with those new construction job windfalls. I just can't figure it out, in my mind.
The problem is.... 70M people are retiring and 40M are still in school. Do the math. Won't happen until the 20s, if it happens at all.
"Moreover, home prices look downright cheap, not only from the perspective of mortgage rates and income, but also relative to the cost of renting or the cost of constructing a new home"
Until you add in outrageous taxes. You know why I haven't bought a home? Because the taxes these counties want is so ridiculously high.... in some cases its almost as high as the note itself on a per month calculation. That's stupid. Why would I want to pay an extra grand a month for the same liveable space? And where's my money going when I throw it into the tax compactor?! The problem is, they very rarely mention taxes or association fees because those are what makes owning a home a stupid idea, unless you can make money off of it or can find a way to distribute the expense across a number of renters.
The *only* reason I can see for owning property is to stave off the induced inflation that they are providing, but I think gold, in its nice portable form, is a much easier and more liquid way of hedging this problem.
This again?
I don't care whether or not you want to buy a home- that's your decision. But how is it you think you can avoid paying property taxes by renting? Unless you're living in an RV and moving from parking lot to parking lot, your landlord will be including the property taxes in your rent. They don't make money buy renting to you at a loss and paying the taxes out of pocket.
The only thing you're gaining is a sense of satisfaction in that you aren't seeing the property tax as a line item- and instead of getting something back when you move (even if it's less than you expected,) you have gained nothing by renting. I just don't see the logic in the line of argument you propose.
Now if you just don't like doing maintainance, or are looking for greater mobility, those are valid reasons to rent- not everyone can or even should own a home, and that's fine. But it's kind of a lame argument to claim that renters don't pay property tax- they do, it's just baked into the cake, and you don't get the tax write-off from interest paid.
Americans view a home as an investment, plain and simple.
That investment is no longer attractive. It's losing value every year if not every month due to simple Econ 101 style demand collapse.
The bullshit report cited in the article alleges low price is a reason to buy this investment while overlooking the obvious trend indicating this investment will drop lower in price over time.
It's like stock brokers saying prices are low, buy now, negelcting to mention others are dumping those stocks and getting out.
Property taxes are not a wash between buying and renting these days. Landlords are seeing less profit from rents due to weaker demand keeping rents capped while property taxes rise, effectively shielding renters from higher property taxes while landlords pay those tax increases out of their pockets. So from a property tax standpiont renting is better in this market.
Getting something back when you sell and move is a flat out lie in this market where more and more sellers are getting nothing back but owing money instead. It's called being underwater, and the percentage of mortgaged homes underwater is growing astoundingly fast.
You don't see the logic of his comment because you have blinders on, refusing the see the whole picture, seeing only what you want to see ...and telling buyers only what you want them to hear.
In other words you're a fraud and a con artist ...like most "Realtors" these days. You shouldn't be in real estate. You should be in bankruptcy, sued back to the stone age as they say ...if not in prison.
Pretty vague report....but if you can access current rates, which presumes you have $$ in the bank and a great credit score, and you're buying a house to live in, not for expected appreciation...it is a good time to buy. You think inflation's going to ramp? great time to be holding some fixed rate debt.
Yeah... I'm going to go ahead and go with No on this one...
I think I'll just buy gold and silver and then when prices bottom out, change asset classes...
I might not work at JP Morgan... but I guess this just proves they're not hiring at NASA anymore.
I'm considering an option that would be somewhat aligned with the Morgue, but not in any way they would appreciate.
Where I'm at, farmlad is dirt cheap- I'm looking at a property with 20 acres and a pond on the property for $20,000. It's otherwise untouched cropland- no well, electric, sewage, etc.
But here's the thing- I can build a house, dig a well, install a septic system and set up a solar array with another $10,000 or so. That does suppose that I will be doing a lot of heavy work, but that's how it goes. I have $30,000 in equity in my home, and I'm definately considering taking out a loan against it to buy the land and make it liveable. If I can keep them both, that's great, and I can raise cattle on the land- but if I have to, I can let my house go, and have a place to land that is self-sufficient. If that scenario occurs, I would need to earn $200 a year to cover the agricultural property taxes, but the farm would be mine otherwise.
To my mind, that is a far better option than turning my nose up at real estate, and hoping that I don't lose my job. Landlords aren't all that indulgent towards people who don't pay their rent every month.
Priceless
Dimon et al raping US and ROW again....when will U US voters say NO? I can not.
Whenever our votes count, we will you simplistic ... [insert offensive words here]... but I share your frustration, believe me.
It will probably happen around the time common sense "infects" the white house. You know, whenever all you get with foodstamps is a bag of rice and beans and powdered milk. When you can't vote in a public election if you receive any form of government benefits because it's clearly a conflict of interest, etc.
That being said no way in hell am I going to hold my breath.
Or maybe, just maybe, incomes would have to fall by about 27%...(or whatever the math works out to.)
Hey silly monkey with thumbs always trying to split one into two, we don't like your kind around here.
They are mistaking their own Anchoring Bias for housing Mean Reversion.
The p. 6 chart on household income is from the NAR ( the point at which I quit reading)
JP: Please include the charts from the 1920s on. Housing is getting cheaper, but there is still pain to come. There are too many stupid/uninformed people that 'flipping' houses still. Wait...did I say flipping. I meant they are trying to flip. The house has to actually sell to be a bona fide flip.
If the bond market breaks, e.g. (gasp) 7% 30 mortgages, you will see waterfall declines in R.E.
Moreover, the fact that this report is out there is a sign the bottom is not in. When there are no reports to be found and the shelves at the retail book stores (the ones that are left) are completely cleared of RE investment books, then it will be time.
Anyone that makes a purchase on property that has had 'MERS' anywhere in it's DNA, is dead from the neck-up. Amazing that this shit is still going on...
two words: Shadow Inventory
Sorry, but those first 3 charts (A, B & C) are full of shit....
"Although the U.S. housing market remains extremely depressed, we believe that given current valuations and demographic dynamics AND the irrational stance things will go back to the way they were, now may be the time to consider an investment in housing."
Demographic dynamics???
My kid moved to Mexico and is working down there. When there is no opportunity at home, the sharp ones move.
At the same time, there are folks raising Cain to deport a few million people. Now THAT is a cure for the inventory overhang for sure.
Don't they mean "It's time to buy a house (you're going to pay rent on until you die in the form of exponetially higher property taxes to help bail us out.)"??? Or am I missing something?
yaho news: 17 eurozone countries agreed to pay Grace the next batch of bail out.
JPM is getting criminal here...
They published a piece this week saying the end of the Euro crisis is in sight. No calculations, no details, no proper analysis, no reality assessment...
"It has been our view that Europe needed to come right to the edge of disaster
before it would be forced to make the painful decisions necessary to reverse
the crisis. Europe has the resources to achieve this. It just needs to have the
political will to do so. This requires that the alternative is right in your face,
and that procrastination is no longer possible. It is our perception that these
conditions are in place today. The rest of the world is screaming for a solution
as it sees the Euro debt crisis as a super Lehman that can bring all down. It is
quite possible the rest of the world is willing to help though the IMF. We are
willing to interpret the strong disagreements still evident between France and
Germany and the postponing of the summit end to next Wednesday as signs
of the momentous decisions to be made rather than a breakdown in political
will to come up with a solution."
"Europe has the resources to achieve this." - No they do NOT!!! Germany GDP is 2.4trn and sov debt 85% of GDP. How on earth there is money to pay for anything at all... JP is lying again and desperately now...
"It just needs to have the political will to do so." - Wrong again. With or without political will there is no money and no magical solution.
: The J.P. Morgan View: A beginning to the end of the euro crisis
Benny and Timmeh told Jamie that if the Europeans won't fix it, then they will. Jamie is smiling...
Get 'em while they are cold.
- Sir John Templeton
Let's see... if you want to make money you buy low, and sell high. Right now real estate prices are... low so it might be time to think about.... buying.
What caught my eye was the chart showing mortgage payments are now lower than rent. That means you can buy property and rent it out with net positive cash flow.
So, if you are making money every month how long can you afford to wait for a price rise?
Given the level of fiscal responsibility in government these days, do you think we are in an inflationary or deflationary period? My guess is inflationary.
But interest rates are very low... artificially low.
So, prices are low, interest rates are low, you can buy and hold with positive cash flow from rent. How good do you want it?
I should also point out for all you bottom pickers that real estate is not like stocks. It can take months to find the right property, negotiate a deal, and close. So if you manage to pinpoint the exact bottom of the market you might buy 1 house at the low. While if all you are looking for is a good deal, you can buy all you want as prices slide down then start to climb again.
This is not a quick flip or fast buck scheme. It might well take 10 years for real estate to turn around. But when it does those who have positioned themselves with bargain properties with bargain mortgages and positive cash flow are going to do very, very well.
Prices are not low. They are low relative to an extremely inflated bubble. Homes aren't even fairly valued yet. I could buy one in cash, and I'm not even considering it. Stupid purchase. The only argument for buying is that you see money being worthless so it's better to own a tangible asset.
Sounds good as long as you have 50% of the value to put down. That's the going rate to even talk to anyone.
There are quaity deals out there with positive leverage, however, the ooverall market will continue to deteriorate. Did anyone see the Fannie/Freddie forecasts posted recently on ZH? Predicting more than 7% drop in home prices nationally over the next year. This means more underater loans, more foreclosures, more supply and lower prices. My concern with buying right now is that while in the frame of the present is seems like a no miss deal, over the long haul price reductions of 7+% will kiil the return on any deal unless prices come back soon...and that ain't gonna haappen. I don't suggest timing the bottom of the market as a strategy, but I am saying that until the potential for significant reductions in price go away (this is a long way off), be very careful abut buying real estate.
While if all you are looking for is a good deal, you can buy all you want as prices slide down then start to climb again.
There are no good deals when home values are going to drop 30% - 50% in 5 years ...which anyone with a reasonable knowledge of the housing bubble, MERS fiasco, and coming prime meltdown can see ...which apparently doesn't include you.
Home values will fall double what they've fallen already. 25% drop to date will become 50% - 70% drop in 5 years. We haven't seen the bottom fall out of this market yet, but we will.
If you must buy rather than rent, no problem, get the best deal you can and be prepared for the value to collapse. Very simple.
Median income around $27,000 means half the population can't even afford a refrigerator, let alone the box.
Now that's just plain mean!
they took median income of JPM employees
Federal employes can! UAW workers can! Longshoreman can!
If buying is good why is JP selling?
Haha, right on.
why is JP selling?
because they still have millions of homes to foreclose and have not enough space in their books
The word cloud for that thing is pretty ugly.
http://imageshack.us/photo/my-images/15/jpmorgue.png/
are they closing mines?
there are two oreclosures
Maybe that is the mythical short?
the lode-shorters are strange, indeed, fuu
it was the banksters oreclosing all along?
wow! <head explodeZ>
is that a tailing indicator, or what?
<genuflect>
First question that comes to mind (after wondering if this clown is delusional) is "how much exposure does JPM have to the MBS market?
This HAS to be some sort of sick fukin' joke...
Most of those charts seem to droop at the right. Think I'll wait until something goes up.
LOL, "For internal use only" and they let it leak. Nice try.
.
107: How many months it would take to sell banks’ current and shadow inventory of foreclosed homes.
Banks’ vast pile of foreclosed homes doesn’t appear to be diminishing. That’s a troubling sign for the future of the housing market.
Back in April, this column tallied up all the foreclosed homes sitting in banks’ inventory, as well as the “shadow” inventory of homes in the foreclosure process or on which owners had missed at least two mortgage payments. At the time, we reported that at the current rate of sales, it would take 103 months to unload it all.
Over the past six months, that number has actually risen. Banks managed to pare down the shadow inventory, but largely by taking possession of foreclosed homes. As of September, they owned nearly 994,000 foreclosed homes, up 21% from a year earlier. The shadow inventory stood at 5.2 million homes, down 7% from a year earlier. Grand total: 107 months of inventory.
http://blogs.wsj.com/economics/2010/10/3...
You could sell every house tomorrow if it was priced right...but the banks don't want to take the hit. Imagine that!