Subheading: "Huge backlog of distressed properties means any housing recovery is a long way away"
Do you remember quite some time back when I posted numerous links to news stories saying that the housing market had hit bottom and was now recovering? I believe I went all the way back to 2007 with some of the links and up to 2011. That's four years of mainstream news articles telling us that the housing market was improving.
What does the above story tell us?
They lied. The market is not improving and in fact has yet to hit bottom.
Not to be negative and pessimistic but I have to ask the question what else are they (the media) lying about then?