The lack of Bank Owned Properties and Short Sales….
Do I think we no longer have distressed homeowners…No.
Due to the California Homeowner’s Bill of Rights that took effect January 1st, 2013 the rate of foreclosures has further ground to a halt leaving many distressed properties and homeowner’s in a Zombieland.
Some homeowner’s have gotten relief through loan modification and or principle forgiveness.
The magic number for principle forgiveness appears to be about $150,000. I have not heard of any numbers higher then that.