Soured NY[S] housing may take 10 yrs. to clear

"It will take more than a decade to clear up all the shadow inventory in the residential real estate market in New York state, according to new report released by Standard & Poor’s Ratings Services. That is more than three times longer than it will take the rest of the nation, a difference that the report largely attributes to the greater time it takes to foreclose on a property in New York.

The quarterly report defines shadow residential inventory as distressed properties that are 90 days or more days delinquent on mortgages not backed by federal agencies. The length of time it takes to liquidate such properties in New York increased by 40 months to 154 months in the final quarter of last year, compared to the same period of 2009, according to the new S&P report. On the bright side, while it is taking longer to clear distressed mortgages in the state, the default rate is not rising, said Diane Westerback, a managing director at Standard & Poor’s. New York’s default rate, 35.8%, is only slightly higher than the national average of 33.1%."

somewhereelse: May 11th is approaching. That's when the loan extension at OBBP expires.

Isn't the Rapture guaranteed for May 21st? I think I saw a billboard.

Was the billboard in B.B.Park?

> somewhereelse: May 11th is approaching. That's when the loan extension at OBBP expires.

interesting....

According to Camping, the number five equals "atonement", the number ten equals "completeness", and the number seventeen equals "heaven".
Christ is said to have hung on the cross on April 1, 33 AD. The time between April 1, 33 AD and April 1, 2011 is 1,978 years.
If 1,978 is multiplied by 365.2422 days (the number of days in a solar year, not to be confused with the lunar year), the result is 722,449.
The time between April 1 and May 21 is 51 days.
51 added to 722,449 is 722,500.
(5 x 10 x 17)2 or (atonement x completeness x heaven)2 also equals 722,500.

Thus, Camping concludes that 5 x 10 x 17 is telling us a "story from the time Christ made payment for our sins until we're completely saved.

Very. After the recent foreclosures of the Telluride properties, things are not looking good for RAL.

bob: Nice work. Celestial calculator?

"MAY TAKE 10 YEARS TO CLEAR" with the operative word being "clear". How many homes in suburban/rural areas will be left unattended to the point that they will just be condemned, then demolished? I see that next trend coming in the next couple of years. Many of those now are mildewed beyond repair. The vacant lots may just help to jump start new housing being built, but not for a few years at least.