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What is the truth about Alt-As and tsunamis of foreclosures in California, Central Valley?

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I've heard there's a lot of "shadow" inventory waiting in the wings, and I've heard there are more to reset in 2010-2011? Â The press paints a rosy picture for sellers locally, saying that the foreclosure inventory is nearly gone. Â What's really going on?

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Pasadenan
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With the delay of foreclosures due to the temporary government moritorium, and with the financial insitutions trying to figure out how best to manipulate the PIPP for their own personal advantage, it is not surprising there is a temporary lull in foreclosures.

But you can be sure that if people are not making their payments, and a substantial loan-modification or refinance can't be worked out, that the properties will eventually be liquidated somehow to someone, even if a PIPP loan buyout does occur.

And as they say, even with mortgage modifications and refinances, about 1/2 of the loans are defaulting again.

There was a really good program about "pitch men" on NPR yesterday. There really is an art to getting people to let go of their money for something that is overpriced. And one of the keys to that is an artificial scarcity.

As they say, the best way to make money selling water is to polute it.

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For example :
Canoga park, CA.
Price range from $150k to $500k. single family home, there are 129 listings.
1 is the forclosure in active which is townhouse, 2 are the short sell in pending or backup offers.
http://www.realtor.com/re ... ome?sby=1

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I don't know how for the other area and in the future, in my area north west of LA, California. the foreclosures are completely gone, not even 1 listing that said foreclosure on realtor.com ( I don't know about Realtytrac.com) compare with so many for 6 months ago, if somehow one come up then there will be multi-offer on that property with over asking price, which is under market's price.

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