http://globaleconomicanalysis.blogspot.com/2010/11/9-years-of-housing-backlog-at-current.html
The bizarre part is that number can only get worse, because foreclosures have only just begun.
In a story that highlights just how severe and lingering the housing crisis is, the Wall Street Journal reports Number of the Week: 107 Months to Clear Banks’ Housing Backlog
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.
