April 20, 2012 – Quote of the Day

“The biggest tumor that we are now facing for the economy is the shadow inventory of housing. We now have six million units that are delinquent, in default, or foreclosed, and 15 million other units for sale. Demographic demand can only soak up one million units a year. It is the biggest dilemma for homeowners,” said Tom Barrack, CEO of Colony Capital, and a former principal of the Bass Group.

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