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Thursday, April 23, 2009
Government Meddling and Banks' Incompetence Will Cause More Home Price Declines
According to this RISMEDIA article, Are Banks Withholding Foreclosed Homes to Prop Sales?, banks are only marketing 30%-50% of the foreclosed homes they have on their books. The article cites the possible reasons for this including government intervention in the form of foreclosure moratoria, banks' hopes that the government will offer them more than the foreclosed homes are worth and banks' unwillingness to take the losses now. Unfortunately, I predict that the result of all of this is ultimately going to be a flood of these foreclosed homes coming on the market all at once whent eh pressure finally builds up to a peak, or a continued foreclosure problem for years to come as these homes keep coming onto the market even after the foreclosure problem has subsided. The fact is you cannot escape reality forever.