Click on this site Forclosures. Notice the foreclosure statistics and also the bankruptcy stats.
This is where it gets interesting. A reader pointed out something to me that I hadn't known about(his email):
One subject that is not getting covered in the press is the
inaccuracy of foreclosure statistics. This is because there are huge numbers of
"deeds in lieu of foreclosure" being taken in by lenders instead of foreclosures.
In a round about way, we are talking about bankruptcies and how lawyers handle them. It looks as if a bankruptcy lawyer goes to the bank and points out what is going to happen next (with regards to his client) and the Banker has only two options, take the deed in lieu of foreclosure or go the whole 10 yards the hard way. Notice that this circumvents the NOD (Notice of Default).
What we have here is a hell of a lot of bankruptcies, and it looks as if the NOD's will never be filed. The only conclusion you can draw from this, is that the banks are picking up a lot of real estate that is being missed by the bean counters.
Look at how much of what is happening, can be hidden from view. Neat Huh????