I underwrite title insurnance - there is still a shadow foreclosure market that never recovered.

This one, is going to be HUGE because of job losses and unemployment.  The last one was caused by the market tanking.  BIG difference.

And, for all those people who took the deferred payments, etc. if they don't have MONEY, it doesn't matter what the banks do, no money is no money.

Also, there will be a glut of boarded up houses in less than desireable cities and towns where people are already fleeing those markets.

My title clients are always dealing with investors on foreclosures and distressed properties (financially and physical).  

When this all started in 2007, judicial states could not keep up.  I know of one property that took 8 years to foreclose on.

I'm in NJ and examine all counties in NJ.