I noticed that the bank owned ones sit on the market for a LONG time. The banks seem unwilling to budge. I guess they’d rather the place sit empty until they get their price. But I have real trouble understanding their logic. Everything I read seems to indicate the real estate market will be suffering for the next year or two, maybe longer. You would think the bank would just cut their losses. I can understand holding on if you think the market is going to get better, but when people are just walking away and inventory rising and prices coming down and credit tightening, it blows my mind that they wait longer.
Example
This place is a short sale on the market since 09/13/2007.
