The Countrywide Foreclosures Blog reports that 5,959 foreclosed homes are offered for sale on Bank of America/Countrywide web site, down 72 percent from the peak of 21,500 in November 2008:
This may help explain the recent rally in housing prices in some areas. However, there are lots of foreclosures in the pipeline, so it remains to be seen whether this trend continues. My best guess: high-end housing prices have further to fall, but low-end housing prices have already bottomed.
Hat tip: Carpe Diem.
Dr. Duru