Lenders Now Own 872,000 Homes!!!
WOW!! Check this out......
WASHINGTON – May 24, 2011 – U.S. banks and money lenders now own 872,000 homes, a number that could more than double in the coming years, real estate research firm RealtyTrac said.
The current number of properties owned by banks and lenders is nearly double what they owned in 2007, before the housing market began to collapse, The New York Times reported Monday.
Lenders frequently sell homes at a substantial discount and economists expect it will take three years for lenders to sell the properties they have taken over. READ THE REST
Comment
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Comment by Kimberley Kelly on May 25, 2011 at 2:08pm
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What a riot! "We are helping to stabilize communities." The only way to do that is to find a bottom NOW. Reset mortgages to FMV, keep people in the homes, keep the home utilities on and maintained, keep vacancies and vandalism down, keep price/sf up..not that hard, but it will NOT happen yet. It will happen though..
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