>>With all of the moratoriums and extensions
Actually, the malfeasance is on the banks, they often don’t have the legal title, the rush to digitise meant paper was tossed, handled cavalierly and the banks showed a general disregard and contempt for established legal practices.
People have wisened up and are demanding to see actual titles before they are foreclosed on.
The slowdowns in foreclosures are caused by the Banks and the mortgage holders themselves.
Some people are getting a chance to hold on to their properties.
The rest is human nature, wishful thinking that they will find the buyer who’s willing to pay what the seller thinks the house is worth.
Property is moving, but when realistic sellers price it at the level of the early part of the century’s decade.
What you say is all true—it’s a big mess. Also many banks have been hesitant to mark to market their balance sheets because they will then be insolvent. If they sell, they can no longer hide the devaluation of their assets. When the pipeline finally starts to pour, the downward pressure on prices will take housing down again. As, Greenspan said, if housing goes down “all bets are off.”