[quote=mixxalot]Yes, San Diego is in a MAJOR bubble due to low inventory. Banks are intentionally holding back large amounts of off the book foreclosure real estate to drive up speculation and prices. Look at how much people make. A couple makes low income for the high prices.[/quote]
If I had a nickel….
No. They’re not. They weren’t doing it in 2009, when everyone “knew” they were doing it. They weren’t doing it in 2010. They weren’t doing it 2011. or 2012 or 2013. There is no shadow inventory. There never was any shadow inventory. And in particular, shadow inventory that lenders were “intentionally” doing anything with.
Banks (and I use that term generically, because very seldom are the mortgage holders traditional banks) are incredibly shitty at managing distressed assets. (And not just real estate, it’s all kids of distressed assets.) Horrible. You can’t believe how bad they are. They have no clue what they’re doing. They make a lot of mistakes. So if you see a particular property that looks like something shady is going on, it’s probably not. Lenders really are that bad.
