Deferred repossessions hitting the market

Link.  In short, a bunch of foreclosures were held off administratively, likely to enable banks to recapitalize and recover from the prior housing crash before this toxic crap shows up on their balance sheets.  But as the article says, much of this property is probably loaded up with deferred maintenance which only gets more expensive the longer you wait.  I was reminded of this recently when my wife complained about loud brake noise and when I pulled the wheel I found the rotor was gouged due to metal on metal.  Fortunately new rotors are nearly free these days, costing about the same as it used to cost to get them milled in times past ($30).  I do not think this is going to last very much longer.  I expect housing prices to fall but service and commodity prices begin to show signs of inflation soon.