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Here is further proof of what I have been writing about for quite sometime. The facts are that banks are delaying placing homes on the market, loan modifications, short sales etc. in order to pump up their books for quarterly earning reports and investors. In addition, the purpose is to stabilize home values by releasing inventory and controlling what comes on the market and when. Thus banks can be in the real estate game in a big way during the recovery.
Here is what I wrote last month:
Are banks artificially creating a real estate feeding frenzy?
He said that banks are purposely not placing repossessed foreclosed homes on the market because they are trying to reduce property inventories and artificially control supply and demand. Thus creating multiple offer situations on bank owned properties and what equates to a buyer feeding frenzy on newly listed homes.
He said quite confidently that the price range that is selling like Cheeseburgers at McDonalds is the median priced homes from $150,000-$300,000. I then said this must be ”McValue Homes?” He laughed and concluded by telling me that the mid to higher priced homes continue their downward slide and continue to remain on the market for much longer periods of time
Or are banks just looking to control the land we know as America?
Here is what I wrote back in 2007:
The Great American Swindle – October 2007
Foreclosures are sweeping our nation at alarming rates and there doesn’t seem to be a light at the end of the tunnel coming anytime soon. Borrowers are defaulting on their loans like never before and lenders are making little effort to work with borrowers. Every day these lenders are increasing their REO portfolios to record numbers. (REO = “Real Estate Owned”.)
As I study the foreclosure crisis daily and in particular what lenders are doing to offer loan workouts and loan modifications to homeowners, the more I realize that this may be all part of a grand scheme. A scheme to take people’s homes using the laws of this country, to become the largest real estate holders in the world. What I would like to call, “The Great American Homeowner Swindle”.
Meanwhile the sacrificial lamb (homeowners) are wondering why they are not getting the help they deserve. Are we that gullible America? You have been and are being snookered. DUH!!!
LA Times:
Attending foreclosure auctions and tracking properties after each event is becoming an obsession of mine.
After going to a trustee’s sale in Santa Ana on June 26, I have monitored a dozen properties seized by banks that day, and only four two have been listed for sale, according to Redfin.com and SocalMLS.com. (Note: This is according to my use of those sites; it’s possible I could have missed a property that was listed for sale, a buyer found, and the property taken off the site without it’s status being updated as “Pending” or “Sold.”)
So more than two months have passed, without getting these houses and condos to market. Below is a list of the properties.
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