Re: Real Estate - Can we talk short-sales?
Quote:
Originally Posted by mosesbotbol
I heard there are banks sitting on so many properties that they have a 10 year plan to slowly release them not to flood and de-value the market.
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Unfortunately, you are 100% correct in the huge inventory story. It is a big worry for many related industries as well as the federal government as to what will happen when the economy turns around and these homes are released on the market! Unless the banks want them as a drag on their spreadsheets forever, they will probable be released for sale at a quicker rate than the market can absorb. I've been on the bank's side of this in the early 1980's, responsible for (at the height of that recession) foreclosing, valuing, repairing and selling over $40 million in OREO (Other Real Estate Owned). But that amount is nothing compared to the lender-owned ORE out there today. Scary, at the best!
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Ceilin' fan it stirs the air, Cigar smoke does swirl. The fragrance on the pillow case, and he thinks about the girl. Thanks, JB, 1975.
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