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“There has been an effective moratorium on foreclosure,” said Roubini.

Around here it looks like the servicers got back on their horse pretty quick:

San Diego County Trustee-Sale Results, Weekly

“The shadow inventory of not-yet-foreclosed homes—due to the moratorium—will surge in the next year,” Roubini says.

Don’t they say that every year? I think the servicers will keep dripping them out little by little. There is no pressure on them to hurry up, and nobody thinks that adding more supply would help the situation. Well, almost nobody.

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