‘Another factor that may be influencing this is that the lender does not have to declare a loss on their books until the property is actually sold at a loss. So they may also want to “parse” out the properties over time’.
Thanks for explaining that Peter.
I have seen in so many places that accounting/tax rules are distorting the way in whihc many elements of the financial crisis are or are not being revealed.
I presume auctions have the advantage , to the extent mortgage lenders think as a group or are dominant in an area, that properties sold at auction are not considered to be comps and hence do not depress further the process of selling other bank owned via MLS
