Where are all the foreclosures? Simple answer. The banks are holding on to them and letting the previous owners live in them rent free. In fact often they won’t even foreclose at all. I know of several people that have been living for well over a year after making their last payment, and still haven’t gotten any notices from the bank. Amazing. Sad and unfair for us responsible people. How else can you explain the restaurants and malls still being packed? No house payments is like getting an instant raise.
