And not only is the government subsidizing housing for rich a-holes, they are allowing banks to keep their REOs off the market. According the Mr. Mortgage, banks are hoarding 2/3rds of their REOs:
Additionally, they also forget about ’shadow inventory’ in the form of REO that is not listed. Realty Trac said in a recent story that they show that only about a third of all REO is listed and trackable as inventory. The rest is sitting rotting at the banks/servicers.
So now those of us looking to buy a house get screwed two ways: Government subsidies have pushed up the price of housing and the government is allowing banks to keep a large chunk of housing inventory off the market which further drives up housing costs.
F***! F***! F***! I’m tired of getting shafted by the government.
I hope all that shadow REO inventory hits the market soon and breaks all the ‘mom and pops’. You probably see the ‘mom and pops’ as some type of American hero. I just see them as slumlords who are basically equivalent to a welfare queen in my mind as they both suck off the government teat.
I’m surprised to see so many Piggs in favor of all this government housing assistance. I thought most of you guys were in favor of capitalism. Instead, most of you are more socialist than Marx.
