I was comparing the data from one of the foreclosure sites to listings on redfin. One of the things that struck me was how few of the homes that were scheduled for auction (foreclosure) are actually listed for sale. They don't even seem to be trying for a short sale. I'm sure some of them are hoping for modifications. But the tracts I'm looking at are fairly new and I seriously doubt few will even qualify for a loan mod.
Below is a Redfin snapshot of Victoria Grove. As you can see there are 8 homes listed in the tract.
Below is the same tract as seen using RealQuest. There are 36 homes that have NOTs filed and are awaiting there day on the courthouse steps. There's another 21 that are already REO's. I'm sure some of those are in escrow or pending and that's why they are not showing up. There's another 36 that have NOD's filed against them. That's 93 homes in that one tract that are in trouble, yet only 10 are currently listed.
Pretty much every tract I looked at was similar to this one. I did not cherry pick this tract.