Banks aren't reselling many foreclosed homes: "'We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market,' said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures. 'California probably represents 80,000 of those homes. It could be disastrous if the banks suddenly flooded the market with those distressed properties. You'd have further depreciation and carnage.'"
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Well, that's just peachy, isn't it? I wonder if Mr. Banker has any more surprises for us. I'm not one of those torch and pitchfork types, but it would be nice if we could at least get the full measure of this debacle so we can see how much the tab will be.
1 comment:
nice to go here. Is it true does bank get scamed due to this foreclosed homes.
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