The good folks at HousingWire have just put out a story today:

Not even halfway to housing recovery: REthink panel

According to the article, Doug Duncan, chief economist for Fannie Mae said:  “We are in year four of a 10-year transition.”

That sounds about right to me – and it echoes what I wrote yesterday about the REO Tsunami –  we’ll see about the same level of REO 2-3 years from now as we are seeing today, and we’ll see elevated levels for the next 3-5 years.

Still plenty of legs left in this market, plenty of time to break into the REO market, it’s only 40% done.

And now, off to do a Cash for Keys.