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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: John McCarthy who wrote (263868)7/25/2010 2:39:50 PM
From: ValueproRead Replies (2) | Respond to of 306849
 
Then there is the nonsensical event recently advertised on TV in the Phoenix area, a public auction of 1,000 foreclosed homes. Bidding is limited to first time home buyers, investors and investor groups are specifically prohibited from participating.

So, we are now offering a form of social engineering seemingly to benefit the less privileged in society, at the expense of the banks we are underwriting with taxpayer supplied bailout money, and not getting what may otherwise be higher prices on auctioned foreclosed homes.

Does this make sense? Not me!

VP in AZ



To: John McCarthy who wrote (263868)7/25/2010 3:57:50 PM
From: patron_anejo_por_favorRespond to of 306849
 
Banks are holding the 300K homes back becuase it's politically expedient to do so, and gives the illusion of normalcy/recovery in the housing market to the "movers and shakers".......also, selling them is a mark-to-market event, so if they decided to clear the market the balance sheet hit would be enormous......


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