Ivy Zelman: Foreclosures are ‘Pigs with Lipstick’

CNBC reports that Ivy Zelman, the former Credit Suisse analyst who called the housing crash, told an auditorium full of real estate types on Tuesday that “Public policy is delaying the pig in the python.” “The pig has lipstick.” Zelman said,  referring to the shadow inventory of foreclosures (the pig) that is making its way through the nation’s financial system.

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