Tuesday, September 14, 2010

Bank Repossession of Homes Sets New Record in August

Just wow.  I can't see prices increasing
Yesterday J.P. Morgan Chase (NYSE: jpm) cited the "shadow inventory" of foreclosed properties as one of their primary reasons for pushing back their expectations for a housing recovery as far as 2014. No question, a growing supply of repossessed properties will put further downward pressure on home prices, especially given the current 12.5 month supply of existing homes already for sale.

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