RealtyTrac reported 1.7 million homes in some stage of foreclosure. There are over 6 million homes either in foreclosure or in some stage of mortgage delinquency. Compare that to the annualized rate of existing home sales in June (most not REO sales) of 4.77 million units. This is an enormous supply of housing stock, not even including the supply of newly built homes for sale right now (164,000..I know, a pittance), at a time when consumers have made a major shift toward renting.
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