OT:Carmel Valley: Foreclosure inventory and banks trickling them on the market

[zk]

[quote=CA renter]zk,

This was from someone who works on REO dispositions for banks.[/quote]

Well, CAR, I’d kinda been slow in agreeing with sdr’s accusations that you’re naive and conspiracy-minded. But if that’s your response, I’m going to have to start agreeing with him. First of all, you entirely missed sdr’s point here (which he makes after your post above but which you respond to similarly). Second, any post that starts with, “I heard from a guy who works with a guy who says,” and contains no data or other evidence, can’t really be taken seriously. You’re grabbing on to the most insubstantial of nuggets to support your position, here, and it’s not working.

[ocrenter]

[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?

[sdrealtor]

[quote=CA renter]sdr,

Not talking about someone sitting in a cubicle at the local branch. You are naive to think that the downturn is over.[/quote]

Neither was I talking about low level employees. I was making an analogy.

As for thinking the downturn is over, I don’t believe the conditions behind the downturn are over and never said so. However they have successfully manipulated their way around this thing and will continue doing so. The hardest work has been done.

[zk]

CAR did start with “FWIW, not related to CV specifically.” But still, as ocrenter said (paraprhasing), WIW=0.

Anyway, sounds like you got a good deal on your house, CAR. Congratulations on that.

[Coronita]

Well, to be fair… CAR didn’t start this thread, I did… And I went on saying that “my friend and I met. His friend is a realtor, and she said….”

So I’m guilty as charged. But I was just curious because I’m trying to figure out what does a realtor know that other realtors doesn’t.. Either that, or that realtor friend was smoking something…That’s why I found odd. So was just curious…

[sdrealtor]

That realtor friend just heard something from a friend and was gullible enough to beleive it. Most realtors are.

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