Housing Forecast: Blech

LSI released a boatload of numbers on the delinquent/foreclosure situation.

Mish recaps:

As of the end of June, 4.1 million loans were either 90 or more days delinquent or in foreclosure, as delinquencies remain two times and foreclosures eight times pre-crisis levels.

...at the current rate of foreclosure sales, judicial foreclosure states would require 111 months [ TEN YEARS!] to work through inventories of loans that are 90 or more days delinquent or in foreclosure as compared to non-judicial states, which would be able to clear the inventories in approximately 32 months...

More at the link.  Basically, don't look for a surge in home prices anytime soon.