[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]
Agree with zk. The “I heard from xxx” thing is just awful. Another thing is where?
They are boarding up homes in Detroit, they are even tearing them down to create urban farms. (talk about ways to reduce inventory). We’ve also seen it done in Stockton and Florida. Maybe they re doing it in PHX. But the thread was on banks sitting on homes in CV. How is a story about boarding up homes in nonspecific locations worthy of even the time typing it out?
