[quote=CA renter]FWIW, not related to CV specifically, but I’ve also heard the same story WRT banks keeping houses off the market. This was from someone who works with a higher-up in one of the largest banks in the US. This was a few years ago, too.
From what he said, the banks said they were going to board up houses and pay someone to maintain them “indefinitely,” until prices rise again. Also heard that they were renting some of these houses back to the FBs while still in the FB’s names. There are still many people who haven’t made a mortgage payment *in years,* but are still living in “their” homes without being foreclosed on.
There is no doubt that the housing market is being manipulated in ways we’ve never seen before, and it’s not over yet.[/quote]
Oh, dear. Now that I’ve heard from somebody who’s heard from somebody who “works with” (but isn’t actually) a “higher up” at a large bank (a few years ago, no less) that banks are withholding foreclosures, I’m really scared.
