[quote=permabear][quote=CA renter]Interesting…I also heard that one of the biggest banks has gotten some sort of authorization to hold inventory off the market for five years. They aren’t even going to rent them out, apparently. They are going to board them up and maintain them for five years. [/quote]
It would not surprise me based on history. In the Great Depression 1.0, people were actually paid to knock down homes in order to rid communities of dilapidated properties inhabited by squatters. Plus, it helped reduce inventory.
The modern equivalent that banks are now undertaking is to make homes unavailable – vacant – basically the same thing, assuming the banks can carry the costs. In the Great Depression 1.0, banks went out of business, which rendered that approach moot.[/quote]At first thought I don’t anticipate properties being knocked down in large numbers in SD.
Unrelated; The other thing my realtor told me is that the reason the banks are withholding inventory is to try to bully Congress into giving more cash handouts.
Since the banks seem to be able to survive while holding massive amounts of non-performing assets I guess the bailout did indeed pay for the first and second wave of foreclosures. Or am I talking too soon?
