http://www.bloomberg.com/apps/news?pid=20601087&sid=aXZinRhF5tlA
Banks With 20% Unpaid Loans at 18-Year High Amid Recovery Doubt
Oct. 2 (Bloomberg) — The number of U.S. lenders that can’t collect on at least 20 percent of their loans hit an 18-year high, signaling that more bank failures and losses could slow an economic recovery.
…

I’m convinced there are a lot of delinquent loans out there that are not getting NODs. Perhaps the banks/servicers can’t handle the volume. Perhaps the banks/mortgage owners don’t want to mark the loss. For whatever reason the NODs aren’t lining up with the delinquencies.

I forgot to mention this, but the only reason for my anonymity is to help protect myself from the phishers and scammers that are out there. It’s not that I’m intentionally trying to hide something from you. I’m just trying to be prudent.

I’m also a little hurt that you said you’d hope to never meet me. Again, I have not intended to become your adversary. I’m just hoping to add to the discussion on a blog that seemed to have a fair amount of knowledgeable and open-minded individuals.

If it’s your request that I stay away from your blog, just ask. I’m not a realtor, and I have no beef with you or the information that you provide. I find it all very enlightening, your data and stories as well as the feedback from your followers.

If my posts come as an attempt to contradict your views or put you down, that’s not my intention. I’m seeing things from a different perspective and trying to express my views and feelings in order to gain feedback from you and others that follow you.

Ross’ statement from ‘The Millionair Next Door’ is from a very different era, and this points to the core of my feelings on this subject. I don’t think it’s a fair comparison to single out the people studied in that book who bought their homes in the late 70’s and early 80’s with people interested in purchasing a home today. I would venture to guess that most of those people in the book bought their home with 20% down which they had saved for over many years. They likely held the same job or changed jobs very infrequently over their careers.

That doesn’t reflect the society we live in today. How long do people stay at the same job or even career nowadays? I agree with the point of hyper-consumerism preventing the advancement of wealth, and that is the serious problem that America faces today. I honestly don’t think this recovery will play out the same as any previous one. I think we’re in a very unique, once-in-a-lifetime situation that will not be solved by some government stimulus. In fact, that will only make matters worse.

Nathan mentioned Cash For Clunkers. Many of the people who cashed in a gas-guzzling American car, did so for a more fuel efficient and reliable Japanese car. Since Toyota owners have an 80% loyalty rate, Detroit just lost current and future customers. So, the government help that Detroit automakers lobbied for is going to simply put another nail in their coffin. Be careful what you wish for!

I’ll say it again. Buy a home for half-off peak or plan on living there for a (very?) long time. That’s actually as optimistic as I can be right now. Sorry, Jim.

Location, location, location rings true. Though I can’t get a comp because the nearest REO is on again and off again.

Will you ever give me a break?

I let you pour your constant barrage of negativity here, and it is non-stop. The one day I have a slight ray of sunshine isn’t going to get by you, oh no, you bring more.

You are either a competing realtor trying to take me out, or the most negative person in the world. I hope I never meet you, because I don’t want whatever you got, to get on me.

All anonymous too – why don’t you start your blog of negativity and work your tail off at getting the word out, instead of riding my coattails.

Additionally, I’m thinking the “shadow inventory” is hidden in the “defaulted, but haven’t received a NOD” category. Been hearing more and more stories about people going for months, or even years, without paying a single cent, yet still haven’t been foreclosed on.

What’s the percentage of homeowners who used their home as an ATM via HELOC?

These charts are why I don’t think this will unfold like any previous bubble/recession recovery…

http://blogs.reuters.com/rolfe-winkler/2009/09/30/krugman-and-the-pied-pipers-of-debt/