hmm, very very interesting points David and agree on the first part, sellers just not letting them go at those levels en masse, only few here and thereRe:Outside Investors:
As far as I can tell there is tons of money looking to buy distressed assets. The problem is that as of yet next to no one is letting them go at distressed prices; and why would they when there is so much pressure on lenders not to foreclose, there is tremendous forebearance, etc. But that won't last forever. And if during the time between now whenever that clock runs out rents go down and vacancies go up the prices that vulture capital will be willing to pay could be significantly eroded.
Plus govt help allowed whatever that period is to extend longer, so we are in that extend and pretend period now, but its closer to the end and time is a tickingRe: New Developments
There is just so much shadow inventory which should have been on the market already and close to zero deals being done you just have to wonder how long developers can hold onto vacant almost completed projects with no income.