Good news for the housing market!! The number of NEW foreclosures and notices of default has returned to normal. What this means is that we are well on the way to a normal housing market. Picture a python who can eat a pig whole. That pig works its way through the python's digestive system until it is completely digested. This analogy applies to foreclosures and notices of default. The system had to digest an extraordinary amount of them. This lump is working its way through the system and when finished we're back to normal This information should be of particular interest to buyers who want to purchase at the best time. The bargain window is still open but as it begins to close more buyers will jump in creating more demand and sending prices up. Mark Zandi from Moody's discusses this on NPR's Planet Money. Click Here
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