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This is a great website and I was reading it because i was researching why it seemed that REO inventories were down when things seem to be getting worse. the article was explaining why Orange County, CA REO's had declined. I grew up there and was checking it out because my son is moving there and going to work in the industry.

It says the just look like they have declined because they have been "artificially restricted due to local, state, and GSE foreclosure moratoria, loan modifications and servicer backlogs."

it goes on to say this had led to the drop in the supply of REO properties, but the pending supply is building up due to high levels of negative equity and rising unemployment.

This totally makes sense to me. Below is the link to the website;

http://www.calculatedriskblog.com/2009/11/first-american-corelogic-economist.html