A Stunning Stat on Real Estate Overhang

I saw this article over the weekend and was stunned by the data presented. The article outlines an almost 9 year supply of foreclosure and "shadow inventory" real estate owned by banks. Mortgage rates are at generational low levels and prices have dropped to reasonable levels in many parts of the country but this dramatic amount of supply will likely drive prices lower still. Real estate has utility and should be viewed that way. It might be an ok investment or it might not but either way that should be secondary not primary.